Kunstler’s latest:
It’s hard to imagine what kind of melodramas were unspooling on the Hamptons lawns this weekend, while everybody else in America was watching Nascar, or plying the aisles of BJs Discount Warehouse for next week’s supply of mesquite-and-guacamole flavored Doritos, or having flames and chains tattooed on their necks, or lost in a haze of valium and methadrine.
With the death of the IndyMac Bank last week, and the GSEs Fannie Mae and Freddie Mac laying side-by-side in the EMT van on IV drips, headed for the Federal Reserve’s ever more crowded intensive care unit, there was a sense of the American Dream having passed through the event horizon that denotes the opening of a black hole.
Economist Nouriel Roubini discussed many of the same issues Kunstler has long been writing/talking about in a recent post I thought you’d be interested in reading: http://www.rgemonitor.com/roubini-monitor/253033/american_un-beauty_the_crisis_of_the_suburbian_macmansions_and_gas-guzzling_suvs_way_of_life