Sunday, September 21, 2008

The Sky Is Falling


Many of my friends have wondered aloud, in countless conversations, is our way of life, sustainable? The jumbo mortgages, the SUVs, the student loans to cover the brand named degrees, the shopping, the consumption, the 'good life'. Is it sustainable? Can the economy continue on a limitless upswing, and we reap the benefits from such expansion in growth with the national debt rising, a two front war with an invisible enemy and rising prices for essential goods.

In 2007, Ellen and I sat outside at Nabu eating sushi, with cranes looming over our heads at the construction site of yet another luxury condo, and wondered aloud.

It can't be, she said. It's bloated beyond proportion. There must be more to living in the world beyond work for the idea of the good life. Something's gotta give.

In March, Bear Sterns buckled. Last week, the levees broke with Lehman, Merrill and AIG.

Main Street or the average man isn't entirely clear what's happening as it relates to them directly. With the constriction in the financial market, that's teetering on the brink of failure, one thing to be certain of is that when Americans are unable to borrow even more money for the good life: cars, homes, food, etc. the realization of the global economy will hit pretty hard.

No man is an island, chicken little.

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