Professor Elam

I mentioned Rick Santelli's rant on CNBC when he asked Chicago traders at the CBOT if they wanted to pay for their neighbor's mortgages. Now folks are saying why work more to pay higher tax rates so my money will be given to people that cannot or have decided not to pay their mortgages, especially given the govt promises of bailout. 

I have written extensively about the change in attitude, that anger is brewing. This is now coming true with ACORN demonstrating for more govt 'aid' and those being taxed demonstrating against it. 

Suppose you were a successful attorney, doctor, business owner, at some point this year you cross the $250,000 income threshold, will you continue working knowing every higher rates of confiscatory taxes will take more of your take home pay, after all, you can afford it right?

Good question, we continue to track the socionomic aspects of this unfolding super cycle crash.