I fully admit I know very little about the complexities of the recent situation with the folding-in of large banks in the US.
But I find the hype and hollering about impending financial crisis (not to mention the proposed 700 billion dollar bail-out) to be an insult to the rest of the world, which has much bigger problems than losing their mansion or their high-powered job.
The stark difference in standard of living needs to be kept firmly in mind here. Yes, people in the US (and perhaps other developed parts of the world which are financially linked to it) appear to be in for some rough times (I honestly don’t know what will happen), but there is a difference between losing a $100,000 home with all kinds of conveniences, and (for example) having to move in with a relative’s house for a few years on one hand, and never even dreaming what it would be like to have your own house, car, blender, toaster, television, electric razor and cotton sheets at all on the other hand.
I truly and honestly sympathise with the inconvenience and total change of lifestyle that many Americans (and others in developed nations elsewhere) may well face in the near future…
…but they should take at least some comfort in that their circumstances will likely not be anything remotely like those in the rest of the world.
(And as a disclaimer, yes, I am aware and deeply sympathetic to the relatively few in such developed nations who could perhaps experience real hunger and desperation as a result of this. My point is that this will not be the case for most in such places.)
Capitalism isn’t built to last, and we’ve got to figure out ways to live, eat, drink and build communities without continuing to try to jump-start a system which is either dead, dying or will die eventually.
Meanwhile, 700 billion is about to be spent on just such a jump-start – like kicking a dead/dying horse; while poor and hungry and dying humans all over the globe get passed over once again. Yes, I know it’s not as simple as flipping a switch, but it’s good to keep these perspectives in mind – otherwise you’re more susceptible to buy into the ranting and raving about how bad thing could be – all to justify spending this sickening amount of money on ‘toxic assets’.