Well, I'm a mechanic, no debt, no kids, plenty of work, wave as I pass gas stations on my motorcycle, and only work a 4 day week, I don't listen to TV or radio news. I think the economy is fine.
A burger is still a buck at Wendy's, dry beans are cheap at wally world and I bought ammo back when it was cheap.
My house has gained about 35% in value in 5 years, (lower Alabama) and my taxes are low. Why depressed?
I agree with your point of view. I agree with Gramm, too, though members of our TV-driven consumer culture cannot bear to hear the truth.
Poor people here would qualify as rich people in most of the world, and the economy, while suffering from government caused dislocations, is growing.
Gramm's sin was not elitism, it was misjudging the public's hair trigger for firing off the charge of elitism.
The bankers are depressed because they have lost a lot of money.
My fear is inflation. Gas prices up to a point I can live with.
Super high interest rates again like in the Carter years....a direct result of high oil prices for an extended period....would kill my ability to borrow money and build things.
Oil prices coupled with increased demand for construction materials from China and India along with record commodities prices does at least to me foreshadow inflation.
But like I said earlier, the Fed is reluctant to raise rates while so many large financial institutions are reeling from bad housing loans and loan bundlings and derivatives write offs.
If I had the cash flow problems like UBS, Citibank, Bear Stern, First Tennessee....I would be broke as hell.
(Fairhope HS 1975)