Phenomenological Economics

Two articles to be read together.  One locates a revolutionary "investerly" practice at the heart of the "real" economy, namely, a gigantic put option on housing being exercised by the poorest 70% of the American public.  The other argues in the opposite direction, saying that research  "has shown that the financial and non-financial sectors experience quite independent changes, especially over the short and medium term."  In short, that the depression will not be substantially felt by the vast majority of people who already have very little in the way of assets.  If these two analysis bare out over the next 18 months or so, we will be able to look back to the financial crisis as one of the great proletarian shifts in history.