22 March 2009

Still Unclear As To What Happened To The Economy?

Michael Rushkoff explains it brilliantly:

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. (emphasis original)

(h/t to Blue Gal)


Steve said...

so amurica's financial chickens are coming home to roost?

The Cunning Runt said...

I'm SO on this page - I was beginning to think I was the only one who saw the "corporate model" of capitalism as inherently unsustainable. It's good to hear someone with (Wall) street cred giving voice to these thoughts.

And I mean to make clear that I knew YOU got it, and many of the nice folks who come here. It's just not every day that someone with a more widely heard voice comes clean with these inconvenient truths.