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Why it may not be TEOTWAWKI

Interesting article in today’s SFGATE, looks at the similarities and differences between today’s financial meltdown and the crash that led to the Great Depression. Many points are made to show that it really isn’t TEOTWAWKI.

If you asked me, I would say that the reality of the financial chaos spawned by decades of plunder by the self-proclaimed uber-finance moguls and their hordes of compliant quants is much much worse than anyone can possibly imagine. However, that being said, I think that the majority of people are so utterly self-absorbed that they will stream forward like lemmings into whatever the next ponzi scheme of immediate gratification is offered to them. And who knows, it may be the ignorant hubris of the stampede — totally unaware of the cognitive dissonance between their worthless currency and their geometrically increasing demands — that saves the rest of us who actually know better.

Go figure. In the meantime, we have Paulson, Bernanke, and the experts to plan the bailout of our financial institutions. So you can go back to your crossword puzzle and relax…

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