| Editor's Note on the Economy, January 18, 2008 |
Ivan Potter
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Editor’s Note:
For the past three weeks I have been trying to write a series of articles on the state of the American economy and how it impacts West Kentucky. Yet, it seems, every day has been frustrating because each time I start an article on the Wall Street situation, it changes and gets worse.
I have never seen a combination of forces coming together so fast as to redefine the American economy or it political character as occurred within the past six months.
Basically, the American banking system crashed in August 2007. When the Dutch bankers refused to honor American home mortgages as hard collateral for massive bank loans and transfers, the gig was up.
Within hours of that event, the New York banks sought help from the fed. Over that weekend deals were made with the European Central Banks to rush money into the American banks.
I am convinced that when our grandchildren read about the great Wall Street Financial crash of 2008, they will learn that it all started in August of 2007.
All this to say that I will try yet again to share my research and thoughts with you on how this Wall Street drama will play out in 2008.
I intend to write about how West Kentucky counties and communities will be affected by this dark economic wave. I will also address how West Kentucky politics will be restructured and redefined for the next 10 years because of the economic forces at work now.
My time table is have this analysis completed and to you by the end of January.
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