"But overall, subprime loans were designed for, and snapped up by, the poor. According to a recent study from United for a Fair Economy, 55 percent of subprime loans went to African Americans and 17 percent to whites. Among whites, they went far more frequently to low-income people than to the wealthy -- 39 percent compared with 24 percent."
What do you call it when the poorest people in society cost the elite over 2 trillion dollars in a few short months? When they cause so massive a deflation that houses become affordable for the first time in a generation?
Localize food and energy production(oil scarcity may yet do this on its own), globalize cultural production (internet, etc.) and its all over. The economy - if we can even call it that - would be wholly unrecognizable. Feudalism or a green and free utopia? Neither, probably.
Things are suddenly looking slightly more Jeffersonian than Marxian - which makes me very nervous.
No comments:
Post a Comment