I was watching on television last week both Barack Obama and his wife Michelle speak about the supposedly depression-like conditions in the US, and a people strapped by students loans, near hungry, and without hope of betterment. Neither said anything of substance, though both were engaging, effective speakers. Still, never has so much talent been invested in saying so little.
If you were to believe them, we are in a sort of “It’s A Wonderful Life,” Frank Capra-era housing depression, not a boom-and-bust cycle where for the last five years, rival television shows proliferate on “flipping” houses (in which strapped investors and rookies borrow against rising equity to put in granite counters and stainless steel appliances for quick flip sales).
… the middle class that Obama assures us is bankrupt seems to have been able to afford optional consumer goods as never before. Don’t buy a snow mobile and you can put a kid at a public college for a year. Don’t buy a racing boat, and you can put one there for four years. There seems to be plenty enough disposable income, it’s just that it is going to video games, big-screen TVs, and gas-powered toys.
February 9, 2008 by philo