You Just Didn't Want To Believe....
We as a nation borrowed over $30 trillion dollars, and the bankers lent us $30 trillion dollars, making massive profits in the process.....driving our economy for the past ten years.
It is the primary reason why most Americans have anywhere near their current net worth. When one man borrows one thousand dollars and gives it to another man, the other man is one thousand dollars richer.....but for the first man borrowing, there second would have never had the money.
Now imagine a nation of 300,000,000 borrowing $100,000 per person.....that is $30 Trillion and how much we borrowed over the past ten years.....imagine how rich people could begin to feel as some watched their statements go up up up as others borrowed and spent. As long as Wall Street kept adding NEW credit, the accumulated debt could be serviced.....but once the credit was cut off, the entire system would collapse.
For the past three years, Wall Street has been systematically cutting credit to the private sector, as a result the private sector crashed, banks went bankrupt, and tax receipts crashed. For a while, the system was kept on life support by Wall Street loaning Washington trillions......but the private sector continued to decay......and we are a private sector economy.
Now the morphine from the government borrowing and spending is wearing off........we simply can't service the massive debt we accumulated over the past ten years.......and last year, instead of bailing out the debt, Washington bailed out Wall Street and made us all collectively and individually guarantors of the debt of the nation.
Maybe it is fair.....we got rich because our fellow citizens borrowed massively......now we will become poor because our fellow citizens can't pay it back.
Welcome to Collective Interdependence................Welcome to the Digital Age.