Fear and anger grip economy

Lunching with a longtime Atlanta banker turned consultant and the conversation turns toward guns.

His family gave each other guns for Christmas.

MY OPINION: THOMAS OLIVER
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Just in case.

If things turn a lot worse, and they have to flee, they know where to rendezvous out of state.

There is a lot of fear and anger out there. The two are related. There are two basic responses to fear — fight or flight. Both responses induce their own kind of anger.

People are worried about their jobs, their homes and their retirement funds. And they are angry the 401(k) has lost half its value and their house is worth far less.

They worry about friends and relatives who have lost jobs and wonder how they’d respond if they lost theirs.

They are worried that their government doesn’t seem to know what it’s doing and angry that it is taking care of the wrong folks — the Wall Street crowd and crippled auto companies.

Folks are angry at bonuses and lavish lifestyles of the rich and famous. They are furious at the Madoffs and Stanfords.

The anger tends to be indiscriminate when aimed at executives. CEOs are seen as part of the problem, rather than those who will lead us out of this mess.

Yet, what CEO isn’t worried? Which industry is immune? And those whose business hasn’t tanked yet have to be worried about the day theirs will.

Bankers are particularly upset with all this talk about nationalizing the banks. It’s part of what continues driving down bank stocks, since shareholders would be wiped out in a government takeover, which is driving down the stock market, which is destroying 401(k)s, which is creating a lot of fear and anger.

Everyone has someone to be angry at. And if not, wait, and the government will announce yet another plan that you might find objectionable.

Last week, after creating fear and loathing with a stimulus bill that would choke a planet, the government came forth with its mortgage modification plan.

Aimed at helping those in foreclosure, facing foreclosure or underwater with a mortgage, the plan was quickly attacked.

CNBC, the business news cable network, became the focus of the resistance Thursday when its reporter Rick Santelli spontaneously lashed out at the mortgage plan. Reporting from the Chicago Board of Trade, Santelli’s outburst was greeted by applause from the trading floor. Caught up in the moment, he proposed a Chicago Tea Party this summer. His rant led the Drudge Report and was the No. 1 video on YouTube.

It was right out of the movie “Network” and its now classic, “I’m mad as hell and I’m not going to take it anymore.”

The Chicago Tea Party has the makings of a mega event, as millions of fearful and angry people converge on the shores of Lake Michigan.