Economy Sucks. You Will Never Own Your Home. We Are All Poor…Except for Tom Cruise…

by Irma Arkus

There is panic in the air. Financiers raising their arms up. Stupid questions reverberating on airwaves, like: are we in recession? (btw the answer is – yes, you are.)

For many of us, we could honestly care less. But then there are many who are just trying to pay their student loans off, donate some cash to a nearby casino (read = stock market, or as US economists call it, a pension plan).

The economy is scary. Old people are scary too, and there seems to be more and more of them every day. Apart from my initial impulse to invest in burial grounds, I am really quite worried about the next few years. Oh sure, to economists, this all seems like peanuts – 10 years here, 10 years there. In reality, 10 years of crappy economy, or massive recession, can result in alteration of *my life*. I would rather not think about it, but honestly, my life long obsession over shoes is something I need to plan for. Adding to that is the concern over environmental issues, war, religious zealotry…I am quite exhausted, are you?

How did this even happen though? The question has already hit Britain a few weeks ago, and is only now becoming relevant in US, as major financial institution Bear Stearns had to file for bankruptcy. Why did it happen though?

Dispatches, a UK show, did a marvelous take on this question two weeks ago. Definitely worth a glance, and it refers to how financial institutions across continents cooked this entire scheme up.

So, take a glance at the show, and maybe you’ll finally catch a glimpse of that future dystopia everyone has been telling you about: Dispatches: How Banks Bet Your Money.