Not to worry. The USA is a democracy until our financial institutions collapse. Then we turn socialist. Ironically, Bin Laden may have stated it correctly after 9-11, when he said, "I do not need a military victory in the USA. I only need to wait for its economic collapse." The morally corrupt Republican Party has delivered on that prophecy with Iraq and now our financial institutions. Your $2K figure is a little light. Try upwards of $3,200 per man, woman, and child.
On a happier note, I've still squirreled away the cash needed for an AFi II. If my bank doesn't go under before I get there.
doom and gloom stuff. we saw it with the the first energy crisis, the vietnam war, the taking of hostages in iran, the savings and loan crisis, the cold war, the cuban missle crisis, nafta, 9-11, Iraq and now the melting of wall street.
companies go under, tax rates change, the economy overheats and then corrects. during every one of these end of the world scenarios after 12 months to 2 years the american economy righted itself and kept on going.
of course the political parties are playing it up big, trying to blame the other guy though remember we are in a year of regime change so all of the parties and news media is going to put out the most headline grabbing spin possible.
it is never as bad as they say, never as good as they promise.
by the way. Barney Franks a democrat is the Chair of the House Financial Services Committee
As Chairman of the House Financial Services Committee, Frank "sits at the center of power". Thomas Mann, a senior fellow at the Brookings Institution, was quoted as saying, "He is one of the giants of Congress, a real legislator," in his new role.
In 2003, Frank rejected Bush administration and Congressional Republican efforts for the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis. Under the plan a new agency would have been created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry. "These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis," Frank said.
He added, "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.
also don't just blame america cause europe and asia was buyng this dept as fast as they could and spain, france, england jacked thier housing prices just like the u.s..
now they all have to blame somebody so they blame america.