The country that turned its back on science
Yesterday, the US stockmarket was closed, while others throughout the World went into a tumble, losing a very substantial part of their net worth. The Honk Kong market lost 5.49% of its total value on Monday and another 8% today. These markets anticipate that the US is in a recession. Investors and the public alike are waiting nervously for the New York Stock Exchange to open today, not knowing what kind of day to expect, but investors anticipate that perhaps the largest drop since the depression may take place before the market closes (in a panic-stricken move, the Fed has, just this morning, shaved the interest rate by 3/4% to 3.5%, but banks have already shown huge losses over the past few months). None of the signs are good in our economy and the way we have been supporting our consumer-based economy in the past decade makes you wonder whether we have many more logs to put on the fire. How is it that the most advanced scientific and technological country in the world had, until recently, its main economic engine run by Americans buying and selling their homes to each other? If that simple fact alone didn’t alarm you and send a disconcerting ripple through your cortex and brainstem, then you must be a real estate agent.
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