During the last crisis, Madrid ramped up the tax burden on the self-employed to historic highs while wasting vast sums on corporations and banks. Same thing on an even bigger scale is now in the offing.
“If the situation of generalized panic continues, thousands of businesses, especially small ones, will first enter a liquidity crisis, then close their doors.”
With Facebook, Intel, Cisco, Sprint, Amazon, Nvidia, LG, Sony, Rakuten, Ericsson, Nokia, etc. out, the gig was up. Other big conferences in trouble too. Tourism industry is reeling.
No one has paid as heavy a price as the generation that came of age just before and after the collapse of the housing bubble and ensuing banking crisis.
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