With any luck, the economy will never recover.
In a perfect world, the stock market would decline another 70 or 80 percent along with the shuttering of about that fraction of our nation’s banks. Yes, unemployment would rise as hundreds of thousands of formerly well-paid brokers and bankers lost their jobs; but at least they would no longer be extracting wealth at our expense. They would need to be fed, but that would be a lot cheaper than keeping them in the luxurious conditions they’re enjoying now. Even Bernie Madoff costs us less in jail than he does on Park Avenue.
Alas, I’m not being sarcastic. If you had spent the last decade, as I have, reviewing the way a centralized economic plan ravaged the real world over the past 500 years, you would appreciate the current financial meltdown for what it is: a comeuppance. This is the sound of the other shoe dropping; it’s what happens when the chickens come home to roost; it’s justice, equilibrium reasserting itself, and ultimately a good thing.
More from Douglas Rushkoff
Thanks Rich for the heads up.
Rushkoff is right to let it burn. the fed giving more money to private institutions that blew it in the first place is folly. his 'rich vs. the poor' is tired though. maybe he should move to the country and start a farmer's market.
ReplyDeleteI don't entirely agree either. We will only have ourselves to blame if we don't take this opportunity to turn things around.
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