"everybody knows that the dice are loaded
everybody rolls with their fingers crossed
everybody knows that the war is over
everybody knows the good guys lost
everybody knows the fight was fixed
the poor stay poor, the rich get rich
that's how it goes, everybody knows" - Leonard Cohen
The most right wing government of at least my lifetime has abandoned the "laissez faire" economics of Adam Smith (apparently the 'unseen hand' has flipped us) shot past Keynesian theory and embraced socialist ideology to bail out the ailing economy. Treasury Secretary, Henry Paulson (former chairman and CEO of Goldman Sachs) has presided over the "nationalization" of freddie mac, fannie mae and AIG and has today said it will take "hundreds of billions" more to save the economy. The Financial Times of London figures more like 1-2 trillion (09/19/08).
The housing recession, unsecured consumer debt, the beginning of what looks like a commercial market meltdown, exploding derivatives (Warren Buffett has called derivatives "financial weapons of mass destruction") and looming corporate defaults, among other things, have us on the edge of a world wide depression.
The usual suspects greed and deregulation are cited as the responsible culprits. Some see 'agents of chaos' creating economic turmoil for fun and huge profit. McCain is calling for new regulations. A mortal sin in the right wing theology.
What do you think? Too scary, too complicated, too boring?