Chapter 69
Overdrawn
With their salaries squeezed, workers don’t buy anything beyond the essential. The drop in sales across the economy drops corporate profits across the board. The only labor costs left to cut are managers.
All the red buttons get pushed.
Profits turn into losses, leaving few corporate winners.
Global stock markets drop almost every day for two weeks. Big drops on the stock exchanges trigger breakers that halt trading. Being unable to trade spreads panic further.
Wall Street deploys its most effective weapon, lobbyists. Industries come to Washington asking for bailouts.
Banks borrow money from the Federal Reserve to stay open. The conventional solutions seem to do little more than buy time.
Congress can’t achieve anything beyond finger-pointing.
None and MJ atte
