Meltdown Madness : The Human Costs Of The Economic Crisis!

Nick Turse: The body count is still rising. For months on end, marked by bankruptcies, foreclosures, evictions, and layoffs, the economic meltdown has taken a heavy toll on Americans. In response, a range of extreme acts including suicide, self-inflicted injury, murder, and arson have hit the local news. By October 2008, an analysis of press reports nationwide indicated that an epidemic of tragedies spurred by the financial crisis had already spread from Pasadena, California, to Taunton, Massachusetts, from Roseville, Minnesota, to Ocala, Florida.

In the three months since, the pain has been migrating upwards. A growing number of the world's rich have garnered headlines for high profile, financially-motivated suicides. Take the New Zealand-born "millionaire financier" who leapt in front of an express train in Great Britain or the "German tycoon" who did much the same in his homeland. These have, with increasing regularity, hit front pages around the world. An example would be New York-based money manager René-Thierry Magnon de la Villehuchet, who slashed his wrists after he "lost more than $1 billion of client money, including much, if not all, of his own family's fortune." In the end, he was yet another victim of financial swindler Bernard Madoff's $50 billion Ponzi scheme.

An unknown but rising number of less wealthy but distinctly well-off workers in the financial field have also killed themselves as a result of the economic crisis -- with less press coverage. Take, for instance, a 51-year-old former analyst at Bear Stearns. Learning that he would be laid off after JP Morgan Chase took over his failed employer, he "threw himself out of the window" of his 29th-floor apartment in Fort Lee, New Jersey. Or consider the 52-year-old commercial real estate broker from suburban Chicago who "took his life in a wildlife preserve" just "a month after he publicly worried over a challenging market," or the 50-year-old "managing partner at Leeward Investments" from San Carlos, California, who got wiped out "in the markets" and "suffocated himself to death."

Beverly Hills clinical psychologist Leslie Seppinni caught something of our moment when she told Forbes magazine that this was "the first time in her 18-year career that businessmen are calling her with suicidal impulses over their financial state." In the last three months, alone, "she has intervened in at least 14 cases of men seriously considering taking their lives." Seppinni offered this observation: "They feel guilt and shame because they think they should have known what was coming with the market or they should have pulled out faster."

Still, it's mostly on Main Street, not Wall Street, that people are being driven to once unthinkable extremes. And while it's always impossible to know the myriad factors, including deeply personal ones, that contribute to drastic acts, violent or otherwise, many of those recently reported are undoubtedly tied, at least in part, to the way the bottom seems to be falling out of the economy.

As a result, reports of people driven to anything from armed robbery to financially-motivated suicide in response to new fiscal realities continue to bubble to the surface. And since only a certain percentage of such acts receive media coverage, the drumbeat of what is being reported definitely qualifies as startling.

Breaking the Bank

As the Los Angeles Times recently reported, "Another sign of the bad economic times… [b]ank robberies, which had been declining for years, rose in 2008 in Southern California… [by] 22% compared to 2007." In Orange County, the spike was especially acute, a jump of 41% to 145 robberies. Similarly, Inland Empire News Radio reported that authorities attributed a 13% rise in bank robberies in Riverside and San Bernardino counties to a "poor economy."

Suicidal Tendencies

At least 33 people chose to commit suicide in national parks in 2008. And there seemed to be an economic component to at least some of the cases. For example, an Associated Press report noted that a "49-year-old builder blamed the economy in a note he left for his ex-wife and attorney before killing himself at the edge of the woods at Georgia's Kennesaw Mountain National Battlefield Park."

An analysis of 2008 "death reports" in Milwaukee County, Wisconsin, by local ABC television affiliate WISN-TV found "[f]inancial pressure in a difficult economy has led to desperate measures." Of 108 suicides -- a 20% jump over any of the last three years -- at least 25% of the victims "were struggling financially."

WISN-TV uncovered a host of similar tragedies including:

* A 21-year-old Milwaukee man who shot himself in the face after "he ran out of unemployment [insurance]."

* A 43-year-old West Allis man who hanged himself in his basement with a belt. "[T]he mortgage payments are behind," his girlfriend told the police. "There are astronomical medical bills."

* A 40-year-old Milwaukee woman who overdosed after having "financial problems."

* A 24-year-old Milwaukee man, "fired from his job three weeks before," who suffocated himself with Saran Wrap.

* And a 38-year-old Milwaukee man who shot himself in the head. He'd lost his job six weeks earlier.

Distress Signals

Increasing numbers of desperate souls have also called the National Suicide Prevention Lifeline, which logged a record 568,437 calls in 2008. (There were only 412,768 such calls the previous year.) Similarly, a recent investigation by USA Today's Marilyn Elias found that suicide hotlines in Dallas, Pittsburgh, suburban San Francisco, Hyattsville (Maryland), Georgia, Delaware, and Detroit have all reported "increases in callers since the economy slid." The report added:

Domestic Disturbances

Not surprisingly, the economic meltdown has also strained marriages and, according to experts, is contributing to a rise in domestic violence. Retha Fielding, a spokeswoman for the National Domestic Violence Hotline, notes that calls increased 18% between October 2007 and October 2008 and attributes the spike to the poor economy. "It is bringing increased stress and violence into the home. Domestic violence is about control. If you lose your job, that's control you don't have, so you may want to have more control at home."

Going to Extremes

Across the United States, people have been reacting to dire circumstances with extreme acts, including murder, suicide and suicide attempts, self-inflicted injury, bank robberies, flights from the law, and arson, as well as resistance to eviction and armed self-defense. And yet, while various bailout schemes have been introduced and implemented for banks and giant corporations, no significant plans have been outlined or introduced into public debate, let alone implemented by Washington, to take strong measures to combat the dire circumstances affecting ordinary Americans.

There has been next to no talk of debt or mortgage forgiveness, or of an enhanced and massively bulked-up version of the Nixonian guaranteed income plan (which would pay stipends to the neediest), or of buying up and handing over the glut of homes on the market, with adequate fix-up funds, to the homeless, or of any significant gesture toward even the most modest redistributions of wealth. Until then, for many, hope will be nothing but a slogan, the body count will rise, and Americans will undoubtedly continue going to extremes.

@Nick Turse is a historian, journalist, essayist and the associate editor and research director of the Nation Institute’s Tomdispatch.com. He is the author of The Complex: How the Military Invades Our Everyday Lives and has written for a wide variety of publications on subjects ranging from street art to war crimes.