I shouldnâ€™t gloat. Itâ€™s like cutting off my nose to spite my face. Because when Wall Street sneezes, working people get pneumonia.
But I remember that film clip from â€˜Fahrenheit 9/11′, when President Bush is in a tuxedo talking to his base, â€˜the haves, and the have moresâ€™. I wonder if his popularity sinks a bit when the stock market tanks like it did this week. All those valuable families losing dividends.
If you run a small business, like â€˜Miss Fannieâ€™s Soul Foodâ€™, and the cash flow gets too tight, itâ€™s your problem and you close your doors. If you run a mega business, and the cash flow gets too tight, you remind the Pres that you are his base, and if you go down youâ€™ll take a lot of people down with you. The government changes the rules, prints up some Bush Bills, and the stock market is happy.
Itâ€™s not so happy for us when it takes more Bush Bills to pay for the gas and the groceries and the heat and the tuition. But a system built on ever-rising profits from endlessly expanding consumption cannot possibly last. Itâ€™s a positive feedback loop, totally unsustainable.
So I laugh when I see the Dow go down, even though I know that itâ€™s me whoâ€™s going to get hurt.