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A dream on life-support?

The US economy is looking rather sick. And as we approach 2008 the prognosis for the world's economies isn't all that positive.

Never mind, it looks like Wall Street is just doing fine, as Bob Herbert, writing his regular op-ed piece in the NY Times records:

"Christmastime is bonus time on Wall Street, and the Gucci set has been blessed with another record harvest.

Forget the turbulence in the financial markets and the subprime debacle. Forget the dark clouds of a possible recession. Bloomberg News tells us that the top securities firms are handing out nearly $38 billion in seasonal bonuses, the highest total ever.

But there’s a reason to temper the celebration, if only out of respect for an old friend who’s not doing too well. Even as the Wall Streeters are high-fiving and ordering up record shipments of Champagne and caviar, the American dream is on life-support."

BUT......and it's a big but, things aren't that rosy in the big land of the free and the brave. Digging beneath the surface of all that money swishing around in certain circles, citing surveys undertaken in the US, Herbert concludes:

"Instead of celebrating bonuses this Christmas season, too many American workers are looking with dread toward 2008, worried about their rising levels of debt, or whether they will be able to hang on to a job with few or no benefits or how to tell their kids that they won’t be able to help with the cost of college."

It must be of concern, both in America, and elsewhere, that the rich grow richer and the "other half" - in reality the majority of the population - isn't even going forward but slipping behind. Read the Herbert piece, here, and ponder the outlook for 2008.

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