If a 2008-style credit crunch takes out the likes of AGI in the next few weeks, causing rippling effects to spread throughout the economy in ways that no one understands... then we've reached a 2008 level crisis.
We don't have record numbers of people flocking to mobile homes as their subprime mortages jack up the rest of the economy.
Your article is crap because it ignores everything that was bad about 2008. Record layoffs, hundreds of thousands of people losing their homes and jobs. Major manufacturers (the _entirety_ of the "big three" car companies) almost went bankrupt.
Financial controls are arguably in a worse state than they were in 2008. But beyond that, the core economy is doing much better than back then. Furthermore, financial controls in 2007 prevented us from seeing any issues. The subprime mortgages getting wrapped up in CDOs and all that stuff was occurring in a non-regulated "shadow economy" manner.
Is there a shadow economy that is about to crash today? I don't think so. But that was the conditions of 2007/2008 financial crisis.
We don't have record numbers of people flocking to mobile homes as their subprime mortages jack up the rest of the economy.
Your article is crap because it ignores everything that was bad about 2008. Record layoffs, hundreds of thousands of people losing their homes and jobs. Major manufacturers (the _entirety_ of the "big three" car companies) almost went bankrupt.
Financial controls are arguably in a worse state than they were in 2008. But beyond that, the core economy is doing much better than back then. Furthermore, financial controls in 2007 prevented us from seeing any issues. The subprime mortgages getting wrapped up in CDOs and all that stuff was occurring in a non-regulated "shadow economy" manner.
Is there a shadow economy that is about to crash today? I don't think so. But that was the conditions of 2007/2008 financial crisis.