America Discovers Middle Class Gone, Held Everything Together

I’m not an economist, but even I know that you can’t keep wages down, force people to pay outlandish medical, gas and home loan prices and gouge their financial services with late fees and surprise interest rates and still have anyone with any money to buy anything.

• Ben Stein of Ben Stein’s Money (and, who normally drives me crazy) points out that in the Elliot Spitzer case, a few Federal officials with new surveillance powers have subverted the electoral will of the people of New York. He predicts a terrifying new trend.
• Bob Novak simultaneously says Yes, Ben Stein, you are right. Fingers anti-Clinton GOP operative who predicted Spitzer’s fall three months ago.
• Bear Stearns implodes. Arrogant money men who began last week laughing at Elliott Spitzer’s fall fall themselves due to corruption Spitzer was unable to contain.
• Bear Stearns chief played bridge while company tumbled.
• War In Iraq Over …as a news story. Until, of course, our ability as a country to borrow more money to wage it falls apart as foriegn countries consider us a bad investment bet.
• Foriegn Investors Veto US Fed Housing Bailout. What I’ve long said on this and other blogs, that borrowing money from abroad meant that soon we’d be unable to set our domestic and international agendas, has come true. So, whereas earlier this year I said “The Dollar Is The New Peso”, I’m revising that to “America Is The New Venezuela”. Get ready to riot at your bank for your money.
• Newspapers now vaguely aware that they are becoming giant blogs with reporters; may need to rehire fired editors and reporters as web producers, as bloggers rarely do their own reporting.

Okay. Well, I’ll see you guys at the water riots.