some basic facts

For those of you who think the crisis is over here are some basic facts. Basic facts that make it highly likely that this crisis will not resolve itself quickly. Facts that are not a matter of opinion or partisan politics.

And just for the record, these facts clearly demonstrate that our current economy is not sustainable in the long run. So, whether you are a fan of American style capitalism or not, it will have to change. Maybe not now, or maybe not yet, but eventually it will.

1. 2/3 of our present economy depends on consumer spending.

2. more than half of the American households have zero net worth.

3. true unemployment (not just the people standing in line for benefits) is close to 15% and rising.

4. half of the aging population do not have enough money to make it through their retirement years.

5. more than three quarters of the country is in a state of denial or ignorance.

Now you tell me how this crisis will end.

Or you can just stick your head in the sand and make optimistic statements based on wishful thinking.

What we need is a complete overhaul of our economic system. Nothing short of that will do.