Op ed by reader Greg
Lifted from comments cactus style
Recovery vehicle? Who knows.
I know this, whatever it is won’t work. This systemic failure was baked into the cake years ago. It was unsustainable form the start. The only question was how long will it last.
I laughed out loud yesterday when I heard an NPR interview with Paulson where he said “They were trying to get people BORROWING again.”
Think about that. We are experiencing the blowback of overborrowing and these geniuses think we should borrow MORE??!!
They just act like all the wealth BELONGS to the few (given by God of course) and the rest of us just need to rent it from them. They want to pay just enough salary for us to be able to rent all the things they make available and not a penny more.
Until someone exposes this fallacy of the system ( and although I enthusiastically supported Obama because he is light years better than the entrenched wealth republicans, I’m not sure Obama will make any headway along these lines)
we will continue to be stricken with “business cycles” which really just reflect the schizophrenic wants and needs of the investor class as they “chase” ever elusive double digit returns.
Most people I know want to work, work a full days work, earn a living commensurate to their talents and effort and go home, recreate, (or procreate) sleep and do it again. They’ll do it for fifty years if its a job they have chosen.
The idea that people who recognize the abject absurdity of the current debt driven model, sustained by supply side mumbo jumbo are somehow in favor of a Soviet style central economy where you pretend to work and we’ll pretend to pay you, is absurd.
These false dichotomies that get thrown about are just ridiculous. You don’t have to back the current model with all its warts to be a CAPITALIST. There is a better way to do what we have given our investment class the responsibility of doing. I would not want to be put in charge of setting it up but I know I would start with a maxim. You get paid for work, not for gambling with other peoples money. Gambling with your own money is fine but placing my life savings at risk because you want a side bet with some high roller in London on whether or not some homeowner in Detroit is gonna default on his loan SHOULD be a crime. It should also be punishable by what ever our society deems is the maximum penalty for a crime. There is nothing socially redeemable about this activity.
by reader Greg in comments