> People often confuse creative destruction with societal collapse. If you're in the buggy whip biz when it fails, its destruction is a form of societal collap

> People often confuse creative destruction with societal collapse. If you're in the buggy whip biz when it fails, its destruction is a form of societal collapse. Remember - a recession is when your neighbor loses his job. A depression is when you lose your job. People fight to keep their "phony, baloney jobs" because said jobs are their jobs - the phony, baloney is external to them.