Even though I wrote about the impending new Great Depression this past summer, I am still mentally unprepared for Black Monday. Unless I'm wrong, it will occur later this morning after the markets open, and be our new history by the close of business today.
Like recent protests at the RNC or the next peoples revolution, it may not be widely televised.
Black Monday is what they called that last pivotal day in 1929 when the stock market crashed so hard that it sent the economy into a downward spiral that lasted for years.
Alan Greenspan has already given this one a different, gentler name. He's calling it "A Once In A Century Event".
He said, "This is a once in a half century, probably once in a century type of event. We shouldn't try to protect every single institution. The ordinary cost of financial change has winners and losers."
Fuck you, Alan. You were warned years ago of the likely consequences of your decisions, a furthermore, a rose is still a rose by any other name, and so is a turd.
And here's the finger to all the incompetent, the greedy, the white collar criminals and predatory home lenders who ran our economy into the ground but will never see a day of jail time.
If I wasn't so damn financially vulnerable, I'd be laughing my azz off at how the Wall Street Sharks were running around this weekend, sweatin' bullets and trying not to scream like a bunch a lil' girls over how they fucked up.
The bodies of Fannie Mae and Freddie Mac, dead only a week and not even warm, and now we have all these other cornerstones of comfy living going belly-up bankrupt or begging for multi-billion dollar
The more I think about it, Black Autumn may be a more fitting description of the dawn of the new Great Depression.
Too much other shit can go wrong for this to be only a Black Monday:
Hurricane season ain't over. Ike sucker punched Galveston and parts of Houston, but the latest news is that oil refineries were spared major damage.
Election Day, if it takes place, will be followed by the looniest racist white folks going beserk in the weeks following if Barack wins.
Black folks have mixed feelings about 'hood niggas, but we should be grateful for their presence in our 'hoods. If all of us were seen as 'nice' (non-threatening), those Confederate flag-waving hoodlums wouldn't think twice about riding into black neighborhoods, burning crosses, shooting up the place and starting shit in general.
Bush & Pirates are sneaky, too. I wouldn't put it past them to stage a mini-terrorist event and/or start another war before November 4th under some bogus pretext to declare Martial Law, which would would cancel out elections and suspend our Constitution if an act of terrorism takes place. This falls under his 2001 Continuation Of Government (COG) rules.
Yeah, it's a dumb idea for them to try any of that, but look at all the other dumb ideas they executed the past nearly eight years, i.e., invading Iraq based on lies stemming from 9/11.
Bush extended these COG rules only last month, on August 28th. Did the media report it? Hell no.
Then there's the possibility of the election being stolen again, if you believe it was the last time too.
In some states, racists in charge are already planning to cheat black folks out of voting if their homes are in foreclosure and their address doesn't match where they currently live, or if the name on your driver's license doesn't exactly match with your voter ID registration, i.e., your middle initial is on one but not the other.
The Shit That Could Happen list is disturbingly long with all the crap that can go wrong this fall, that will be the Fall of the American Empire.
God I'll miss the perks that came with it.
Some of you have only a vague idea what I'm ranting about. You get a pass because the broadcast mainstream media planned it this way.
In a nutshell, the major financial institutions Lehman Brothers, Merrill Lynch, and AIG are bankrupt. Bank of America bought Merrill Lynch late Sunday for a mere $50 billion, but Wall Street nor the government can bail out or save the others. Over 150 banks are also expected to fail soon. The Big Three U.S. automakers are likewise in deep do-do.
When banks fail, the FDIC insures each account holder up to $100,000. No problem, you think; you ain't got that much. But what about your employer who looses everything over that and can't make payroll? Pensions? Or your car insurance company? Or perhaps, your city or county government whose bank has failed? What then of city services? Schools? Roads?
The FDIC can only afford to bail out so many banks. Then they go broke, the Treasury has to bail them out. That's what is coming to.
In the Great Depression, at least there were lots of family farms. It was much more of an agricultural society and oil was cheap. Now we have neither. Between higher priced oil and bank and financial institution failures, producing and transporting food to markets will be a nightmare.
Food is pretty fundamental to survival. If "they" don't figure out something quick, we may be seeing food prices double, or maybe even food rationing by early next year.
Speaking of stores, they're having a harder time paying for all that stuff they import from other countries because of gas prices.
Look around at where you sit now, and unless you're blogging in your birthday suit, check out the tags. Think of your car parked outside. Chances are, most of the stuff you own was produced far from the USA.
Big box stores like Walmart, Target, IKEA, etc., are also taking hard hits because of the cost of transporting stuff from sweat factories abroad to here. IKEA, the Swedish furniture store, set up a factory in Virginia recently in a city suffering from high unemployment because shipping became too expensive due to increased gas and oil prices.
We haven't produced much of anything in decades. Our American dream was based on our being a Consumer Society that shuffles paper and makes fast food. You may love your office job if you have one, but at the end of the day, what's to show for it that you can hold in your hand besides paperwork and an empty paper lunch bag from your favorite deli?
Word: we're going on a national diet. Expect to consume a lot less of everything and to repair what you have. Check the news often to see if your bank is on the hit list to go down. Whether you only have $500, $5,000, or $50,000 there, you don't want to lose it.
There's talk that Treasury will bail out the broke-azz FDIC by printing more money when things get this bad. Notice that I said 'when', not 'if'. This strategy, however, will increase inflation IF what I've read is correct. Prices will go up as the value of money will go down.
I frankly don't trust any of the banks anymore. Today, I'm paying up my rent and bills for October and locking up the rest of most of my lil' stash in my safety deposit box at the bank, and hope that I can get to it when I need it. I don't dig the mattress solution because if the place burns down, I'll be up shit's creek without a paddle.
That small herd of Wall Street swine, along with billionaire foreign investors ready to buy up America, are the winners that Greenspan spoke of. The game was stacked against the middle and working class average folks, thanks to all the loopholes he and Congress gave a nod to years ago.
All of those rich as fuck folks ain't got jack to worry about. The Blue Blood Crew will ride through this with relative ease while the rest of us will be smack dab the middle of an economic Hurricane 5 combined with an 8.0 earthquake.
A bunch of Americans will be living in cardboard boxes by a polluted river and eating mudpies to keep the hunger pangs away like dirt poor Haitians, while they will still be fat. That's how we'll know for certain that we're the latest Third World Nation.
Fuck it. Maybe the poor will eat the rich if shit gets worse than the last Great Depression.
Yep, the chickens have come home to roost. Rev. Wright was right after all, and although I respect his foresight, I feel no happiness about it. There does seem to be a curse on America for the treachery it's done since our country was founded and funded on genocide, slavery, dropping nukes on Japan, Jim Crow laws, exploitation of women, the underclass and working class whites and minorities, etc. ad nauseum, right up to all the racist bullshit in this election and Russia daring us to even think about starting shit with them.
Those GOP bitches bettah blink and think if they get in office or we can add getting nuked to our painfully long list of problems.
Perhaps finally, the globalists and the racist elements of the GOP can kiss their imperialistic, take over the world ambitions goodbye. As it sinks into their minds by the end of Black Autumn that this is just the beginning, their pain will be more like the psychological disappointment of a spoiled brat who can't get his way, than any real suffering.
For the rest of us, it will be hello to economic hard times, which may surpass that of our grandparents or great grandparents.
We get no bailout.