I understand that the American crisis was caused by the housing bubble, too much bad debt in the system, and eventually creditors running dry. But the implications are very different because of the global market, and the effects are going to be (and already have been) felt worldwide, causing even more problems. Perhaps that's a better way to put it. We're setting ourselves up for massive inflation later just to keep our gears moving now, and its making less and less sense for China to keep investing in our dollar, and they're eventually going to want that debt back.
I could go on and on, but this isn't the place. Point is, the outcome of this crisis is going to be a change in the structure of the world economy, and the US, as the biggest consumer market in the world, goes as the world economy goes.
And just to relate this back to music, let's say the automakers don't receive a bailout and go bankrupt. That's an easy quarter-million people losing jobs. What do you think happens to Detroit, "Rock City"'s music scene? When people aren't sure they will have the means to make money, they won't be spending what they have on music.
Personally I say bring it on. I'd love to know that every musician I see is performing because it's their passion, and that they are sacrificing time out of their lives to do what they love unrewarded.
