Reply #14: Believe it or not, all the bad news is good news

[Warpy]

because it's breaking through that wall of denial so many people were living their lives behind, that wall that said that they were invulnerable to any sort of disaster because Americans were automatically entitled to the good life, no matter how much debt they had to run up to achieve it.

I was much more pessimistic about this country while Stupid enjoyed a high approval rate and the SUVs kept getting bigger along with the car payments and household debt continued to climb as inflated house prices conned people into thinking they were richer than they actually were.

I've seen that smug suburban demeanor change into nervousness, soon to be followed by sheer panic. The awful truth is finally dawning on the entitled, that the emperor has been naked for many years, that their net worth is less than zero, that the friendly credit card people are not their friends.

As we cross that tipping point between faith in the system and the knowledge that faith has been betrayed, things are likely to get much worse, at least in the short term of the next several years. Only when faith in a non sustainable system has been utterly destroyed can we start to build a more sustainable system yet again.

And that's why the news aint all bad.