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It’s the economy, stupid.

You hear this, yet we don’t think about it deeply enough.  We spend so much money on the war in Iraq, and we pay attention to the latest celebrity scandal, yet we don’t think about the economy except to lament the ever rising price of gasoline.

Well, now we’ve dug ourselves into a pit that we are going to be hard-pressed to get out of.  What with the speculative lending, etc. that led to the housing bubble burst, we have crippled ourselves.  Now that we have realized it, it is too late to fix.  Now we are in damage control mode.

Foreign investors have bought large shares in Citibank and Merrill Lynch.  We are setting out a feast, and letting them graze at will.  How long will we be able to stay afloat?  Are we going to drag the rest of the world down with us?

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