First we had the dotcom bubble bust.
Now we’re in the housing market bubble bust.
Along with the gas bubble currently being pumped up.
Next up is the credit card bubble bust.
It’s like an economic pipeline with multiple outlets with balloons (markets) attached to each outlets. And as each outlet inflates the balloons with liquid cash they eventually burst. Pretty soon you’ve got all these leaks as money (capital) leaks out of the US economy. It’s obvious that the value of the US economy is declining as evidenced by our GDP.
Might as well reach back and add in the losses from US Auto makers jobs, US electronics jobs, US computer jobs, etc.
Not sure if this is the right analogy but at any rate the picture is not good.
Maybe what we should focus on is one or two of this country’s “last few remaining” marketable commondities, something that people in other countries look forward to buying from the U.S.A. and that is: entertainment and higher education. Lots of foreigners come to the U.S. for education. Lots of foreigners like to watch films made in the U.S. I dont think the reverse is as profitable. So let’s play to our strengths: entertainment and higher education.
