Lets say you're 65, you've lost 70 percent of the value of your investment portfolio, whatever that is, and half of what your house was supposedly worth.
Let's say you're 40, you've lost the same, whatever you were lucky to patch together, and you're worried about losing your job.
Let's say you're 25, and you haven't a dime, and can't get a job.
Let's say the cost of almost everything you are forced to buy doubles.
Your wages if you have any are frozen.
They raise your taxes.
And a government bailout is extended to Madoff's investors.
Meanwhile, in the feral human warrens around the country where the marginal--for whatever reason--living on whatever version in public assistance--in the household where Grannie Jones lives in a subsidized low income complex with 6 other somewhat or questionably related people, including a couple of boyfriends who make a living stealing tires and car stereos--whose budget has been hanging make or break by the value of one damn cigarette for years--suddenly sees a doubling in their cost of living.
GM folds up 20 billion dollars of blown money later.
Meanwhile, in California the state employees pension fund says, "whoopsie! we've got no money!" And checks quit coming.
Or in Hawaii,
Or any other state.
I suspect people will be pretty uptight, actually. . .
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