Karl Denninger

Yes, the middle class will be destroyed. No, it's not an accident.

with links at: http://www.sheilacasey.com/2008/10/karl-denninger-predicts-financial-armageddon.html

Economist and financial guru Karl Denninger has been railing for weeks about the lunacy of the bailout bill and the devastation it will bring to our financial markets.

Here's the key passage from Denninger's post on Market Ticker from Wednesday:

"Oil will collapse in price to $20/bbl. Unfortunately nobody will have any money to buy gasoline, or a car, so it won't matter. As in The Depression millions of automobiles will be scrapped after being abandoned by their owners for lack of insurance and registration fee money. Cheap scooters will become the dominant form of transportation for those with jobs, as they will be all most people can afford.