The Really: Is this REALLY the Great Depression Revisited?
Perhaps the one truly perplexing thing about the current economy is how much the experts
really don't know about the current financial meltdown. There is a surprising dearth of perspective about what this will mean for the average person. I did run across an interesting
survey of possibilities and since we at Blog Really know nothing about finance we thought we would weigh in.
This is will be a huge opportunity for the already marginalized and the creative underclass who have been living at the lower spectrum of the society anyway. More short term jobs will open up as businesses cut the expensive employees and replace them with the truly talented. Things like steady job history, university grades etc. which have prevented them from competing with the 401k holding, house-buying public. They have better than average computer skills and businesses on the verge of collapse need EFFICIENCY more than anything else. Also people not used to expensive account living don't expect it or need it to do their work.
Middle-class families will be hammered by direct or ancillary fallout from the mortgage crisis. The credit market crunch will eliminate any job which is not mission critical. These folks will have to "get their mind's right" and team with the marginalized and underclass to create new stable businesses which can compete with what's left of the large companies in their sector.
The rich or those with cash (or even better GOLD) will always be at an advantage since they can play both downward and upward positions, especially in the market. However they will need to team once again with "idea" and "efficiency" people to hack their way the new jungle where old values and comsumer preferences will be changing by the day.
What do we base this on? Nothing. But at this point in the discussion on the new Great Depression, we sound just as competent as the experts and pundits flopping about for an explanation of an economy gone wild.
