I'm guessing King is being sarcastic and suggesting folks are over-reacting. Hopefully the King is right.
IMHO, for whatever reason, the news is over reacting and hoping to draw that fear out of your average American.
Shades of the great great depression? Ha we are hardly in a recession yet. We should be thrilled to be so worried. It means we have not seen a recession in in how long? We are not used to it.
I did see something on the news that really ticked me off this morning... Sure we blame the situation on the big financial institutions that gave out mortgages with what seems like having a pulse as the qualifying term... I blame it on American greed. On the news this morning one show was interviewing random people on the streets asking them how the economy is affecting them... Everyone was pretty much fine (I would expect a recession to be felt in small town America before a major city any way)... One lady said she was fine, but back home she had family struggling to get by, mortgage blues blah blah blah because and I quote "they didn't understand what they were signing..."
Didn't understand what they were signing? Are you kidding me? You are legally signing your name that you understand what you are signing. What about saying, I don't understand this, explain it to me before signing? Nope! Just Gimme my keys! Then everyone wants to complain on the news and sing a sob song of how they got taken.
It really seems to me we are in this situation because many people who were not ready for home ownership, had to have that home right now. Instead of fixing their credit, saving up and putting down a nice down payment. Shopping around for the right lender... Ho come during that time whatever celebrity was ranked #1 on the google search engine, but none of these "victims" read the paper work, and or googled the term adjustable rate?
The American dream turned into the feeling of self entitlement and IMHO that is why we are in the situation we are in today!