On Fri, 14 Aug 2009 15:41:03 -0700, Larry Jaques
wrote:
snip
This angst is greatly compounded and amplified by the collapse of
several deeply held subliminal myths, such as "individual
responsibility," "self-reliance," and "the free market" which
have served as a soporific and opiate for large numbers of the
American population.

'Splain this one, please. I think I may still be in that stupor.
snip
This will be sure to raise the hackles of many people, but in
reality many of the coping skills and attitudes that have served
the older generations [and our generation up to a few years ago]
very well are no longer functional/operational.

For example, being the "master of your craft" is no longer a
guarantee of a good job or even employment in that the industry
which requires those skills may sell-out at any moment to a
company in China, throwing you out of work and rendering your
painfully acquired skills and tools worthless. For example, you
can be the best tool grinder or designer in the world, but if
there are no more tools being made in your area, you will have to
relocate and start over [do you speak Mandarin?], or start
another career, which is likely to be cut short.

For example it was just announced that Kennametal
{Chicago-Latrobe, Cleveland Twist, Cle-line, Bassett, Vermont Tap
& Die, Putnam, and several other lesser known lines} has just
been sold to the Top-East drill company in Dalian China for 29
million in cash. This after losing 138 million in the third
quarter.
http://www.tradingmarkets.com/.site/...0News/2399535/
http://www.tradingmarkets.com/.site/...0News/2358708/

Editorial note: In addition to economic impact on the people and
communities directly involved, there are large national defense
issues here such as military preparedness involved here. Where
do we get the tools when (not if) it is again necessary to
mobilize?

Other examples are the snare and delusions of "financial
planning" that relied on company pension and retirement benefits
and 401ks/IRAs on top of Social Security for a comfortable (and
possibly early) retirement.

Even people that were very cautious about their housing have
gotten trapped when that bubble burst. Not so much that they
overextend themselves on the size of the loans/house, but rather
that their employment disappeared.

People that have graduated from college in the last 10 years, who
invested heavily in "education," are now taking it in the shorts
big time as their student loans must still be re-paid, their out
of work, and are being told they are "overqualified" for the
available positions.

It should be clear that most of the "assets" in which people
invested were "magic beans" of no value, e.g. Enron stock, and
that anything of real value that is not nailed to the floor has
been stripped by management, e.g. GM, Delco/Delphi, Chrysler and
Vestion pension assets.

The multi-million dollar bonuses at the taxpayer bailed out
banks/brokerages/insurance companies are another giant knot in my
pantyhose.

Rule of thumb: If they are wearing a suit and their lips are
moving, they are lying to you.


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).