The same question has been asked throughout history: “How could it have been that, with all the evidence staring them in the face, people couldn’t see disaster coming?”
History is again repeating itself. Despite the mountains of evidence and baskets of statistics pointing to “Panic,” the media, the man on the street and the politicians avoid the facts and deny the ugly truth or defend their beliefs with a vengeance attacking those who beg to differ.
Battered equity markets, rising unemployment, a diving dollar, $100 per barrel oil, soaring commodity prices, plummeting real estate values, record home foreclosures, slumping retail sales, crumbling consumer confidence, a credit crunch, the subprime crisis, write- offs and write-downs the data doesn’t lie. Banks, brokerages, and bond insurers begging for bailouts and pleading for cash.
SIVs, CDOs, ARSs VRDNs, hedge fund operators, derivative players, buyout specialists an alphabet soup of exotic scams, rigged games, Wall Street cons and double dealers.
America’s on the rocks and sinking fast and there’s no one there to save it. Not the Federal Reserve, the President of the United States, nor the presidential wannabes in waiting. There are no quick fixes or human geniuses that can make the debt-bloated pig fly, yet a desperate public prays that its pathetic politicians will lead them to economic salvation.
Dumb and Dumber
Of the Democrats, Hillary Clinton’s and Barak Obama’s economic plans are essentially the same, and there is little dispute between the two when arguing the differences. “My opponent came to Wisconsin a few days ago and basically gave my speech. That’s OK, I want everybody to agree with me,” said Clinton claiming that Obama heisted her economic blueprints.
Either ignorant of the facts or afraid to say the word, both candidates have yet to admit America is in recession, nor have they warned of the critical conditions that will soon face the nation.
Prescribing a stimulus package of bromides and minor trade agreement modifications, their promised tax adjustments, infrastructure building and “green” job schemes will neither relieve fiscal pain nor cure the nation’s economic malignancy. (See “Panic and Fear Solutions and Hope,” Trends Journal, Winter 2008.)
On the Republican side, John McCain falters badly on the economic front. “I don’t believe we’re headed into a recession,” he said as the global markets trembled during January’s historic bout of financial turmoil. “I believe the fundamentals of this economy are strong and I believe they will remain strong,” he fantasized.
Proclaiming that “The issue of economics is not something I’ve understood as well as I should,” McCain said, “I’ve got (Alan) Greenspan’s book,” as though reading the former Fed Chief’s book would somehow matter. “I’m going to be honest: I know a lot less about economics than I do about military and foreign policy issues. I still need to be educated,” the presidential contender had said.
Publisher’s Note: In addition to being economically challenged, McCain’s promise to “Follow Osama bin Laden to the Gates of Hell” and fight the Iraq War “for a hundred years” if necessary, calls into question his military and foreign policy prowess.
Cast as a “genuine war hero” and military strategist McCain’s serving time as a prisoner of war after his plane was shot down while bombing Vietnamese, qualifies him as neither. More accurately termed a victim and survivor, McCain’s torture at the Hanoi Hilton (as with those persecuted at Guantanamo) does not elevate him to hero status nor does the loss of his jet fighter during battle qualify him as a military strategist.