One of the largest bank failures in the past 30 years, just happened. WaMu, the largest s&l in the country, is losing 20% of its share price today. That's AFTER its dropped from $40 per share to $5 in the past few months. The market is saying its the next IndyMac.
This does not constitute an "economic crisis". An economic crisis is when you have runaway inflation and a 10% unemployment rate, as in the Carter years.
During the 80s, the entire S&L industry bellied up, FSLIC went broke, real estate cratered (just as it is now doing in some areas), and almost everyone was unaffected.
What we're seeing is an economic cycle in action. Unemployment continues to be at a reasonably healthy level, the economy is still growing, albeit slowly, and most people are doing just fine. But if the Dems bash the economy enough, it will definitely turn down.
The Dems lied their way into the Oval Office in '92, it was a strategy that worked, and there is no doubt they're applying the same strategy now. Except this time, you have Chuck Schumer ACTUALLY trying to create an "economic crisis" where none exists rather than merely lying about its existence. |
