6 comments on “Casualties of the Market

  1. If Americans think this is bad, maybe we should try living in Indonesia. I admit this crisis is bad news. But it’s no worse than any number of third world nations. They’re the ones who are TRULY hurt most.

  2. @ Greg: I agree with you…to an extent. But for Americans, this is more than simply an issue of ‘going without’. It’s making an abrupt transition from having to going without. I think that’s what makes people’s losses so difficult to deal with.

    I’m broke with very few assets to my name, so being a little more broke is something I can stomach. But people who lose their homes, jobs, retirement, savings, etc. are a different story.

  3. NPR stated that somewhere around 34,000 children die around the world each day due to starvation, disease, etc. Even if this economic crisis were to only affect the U.S., it’d still cause an increase in deaths here, & around the world, as $$$ being funneled to various aid agencies that exist to prevent such deaths would certainly be slimmed down, if not curbed entirely. But we’re talking global recession here, where just about every nation is going to feel the hurt (literally). If this pans out to be what many expect, I’d guess that the above figure will skyrocket drastically….and that # only represents children. I suppose my point is that this crisis could ultimately have a ripple effect far, far beyond what many of us are seeing and/or experiencing.


  4. Hey Dre,
    You make a good point, it’s not only the rich that will suffer. Let me break it down simply.
    90% of all the revenue collected by the IRS is from people in the top 10% income bracket.
    If they lose 30% of thier wealth, that translates into a 27% reduction in revenue for the U.S. in taxes. Our main source of income for the Federal government is, by far, from income taxes.
    That means a 20% reduction (at the very least) in the U.S budget. That means less research, less social programs, less outreach for the poor, less funding for states, less WIC, less Federal jobs, etc., etc.
    And as far as capital gains taxes…THERE WON”T BE ANY! you have to make money to pay that tax. In fact, the rich will be deducting their losses to pay EVEN LESS taxes.
    All of that will mean loss of revenue and a spike in unemployment as well as less of a safety net once you are unemployed.
    Also you will see less help for foreign countries…remember, the U.S. is the #1 supplier of food and drugs to third world countries.
    They (the rich) may have to be satisfied with a smaller mansion or one less BMW, but it’s the poorest among us that will suffer the most.

    “He who hopes for revenge, should dig two graves.”

  5. Pingback: A Murderous Economy « The Unmitigated Word

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