A pet theory of mine has been lurking in the back of my mind. As middle class jobs erode and are replaced by jobs that pay a great deal less, the middle class is evaporating into a disgruntled mass of out of work auto workers and other blue collar employees. Let's not forget the white collar workers whose jobs have also been outsourced because of the ease provided by e-commerce. Why pay for an engineer here when you can get someone for one-tenth the price in another country where they speak pidgin English?
I figure it takes 3 days for people to get used to the most horrendous things, including auto accidents and automated telephone trees. Aren't you surprised to speak to an actual human being? It gives you the impression that corporations don't really want to hear from you. Private health insurance plans will do anything to keep from paying out a claim.
Ah! I just read a story in the WSJ that confirmed my belief that someday, soon, we will all be working for the very rich. This article about the UK Royal Navy indicates that the Navy is being trained to care for, not the schooners and the pride of the Armada, but for oil-rich Russian billionaires and their ilk. The Navy will supply butlers, servants, limeys et al. When asked why the proud Brits were doing this, a spokesman shrugged his shoulders and said, "We need the money."
Henry Paulson refuses to admit there is a housing crisis that must be tackled right away in a more vigorous fashion than suggesting that banks get together to discuss mortgage modification. Anything else would be bailing out the financial institutions and speculators. Meanwhile, some 2.3 million people are already in foreclosure at the end of 2007 and more are in delinquency. Housing prices are going down but Paulson says bah humbug, the prices are self-correcting. Vultures are circling.