Late response - I must have missed this.
I wonder, are you one of the people that say the free market will work itself out? Curious.
I really think our "free market" days are pretty much over. For quite some time we've been seeing the wealth slowly gravitating to those that control the money and away from those that do the actual work in creating it in the first place. Jersey, and a good part of this economy does not derive from maki ng product: It revolves around shuffling papers that represent money.
You're from Jersey. You know this state is controlled by the unions. Between Corzine's main squeeze and her CWA and the teacher's unions, the common taxpayer doesn't have a chance.
I won't even get into the UAW and their part in sucking the life out of their own companies, not that the executives are blameless. They both played a part. Hyundai, Toyota, and other foreign auto manufacturers can run shops here at a profit so whatever their problems are, they can be overcome if they really, really want. Also, please note that GM is doing gangbusters business overseas where the UAW has no say in matters.
But, think that unions in general are about to be thrown under the bus, and few will be too vocal in opposing it. FWIW, I was a steelworker from '78 to '81 and saw, first hand, that union slice it's own wrists.
In the country in general, more breaks have been given to financial institutions and, in fact, they have been ordered by the government to make sub-prime loans under penalty if they don't. This resulted in much jubilation as those shaky securities were sold and the financial people reaped massive bonus' for foisting those toxic deals on unsuspecting buyers.
As you can see, that resulted in a gigantic bubble where people counted on values going up and, when that bubble burst in their faces and their fortunes were about to be lost, they got a bailout. They are too big to fail.
The financial institutions were able to continue their way of life, with bonus' and their fine way of life. Take a drive out by Bernardsville, Mendham and the rest of the horse country and check out all the new construction there.
The only thing I can see that trickled down to the common man from the bailout of the financial institutions was a raising of credit card rates for him.
So, as the saying goes, the rich get richer and the poor get poorer. Our elected representatives see to that. Remember, we're a republic, not a democracy. They are
SUPPOSED to do what's best for us but there's no guarantee they will and most people are too fat, happy and dumb to realize what's happening.
Remember Rickster's analogy about boiling a frog? Is it just me, or is it getting warm in here?
I think the word we're looking for here is "oligarchy".