History Repeats Itself On the Stock Market

Twenty years to the day after the stock market had its biggest one-day plunge in history - 508 points, or 13 percent of its value - the Dow Jones plunged about 367 points today. While that only represents two percent of the New York Stock Exchange's overall value these days, the drop - coming as it does when the dollar is weak, oil is pushing ninety dollars a barrel, and the housing market is in the tank - has a lot of investors worried, as well they should be. The U.S. economy is based on rampant consumerism and suburban development, held together by prayer, Scotch tape and spit. It wouldn't take much to send it in a protracted tailspin.

My mother is thinking of moving to a less expensive area of the country, preferably in a suburb of a smaller metropolitan area. I don't think so. Suburbia as we know it is on the bubble and likely to collapse soon. Not only will the middle class have to return to cities and leave behind a living pattern it can no longer afford, but whatever metropolitan area you live in now is where you're going to stay. Our mobility is about to be so curtailed, we won't be able to pack up and move to find lower property taxes or get away from (sarcasm alert) those pesky minority groups!

If I have a daughter, I think I'll name her Cassandra.