Tuesday, March 18, 2008

What Was Once Obvious Is Now Foresight

There is a corruption at the heart of the system, that much has been clear forever. But with Amerikans growing a new historical hymen every 8-12 years, there is nothing but hopeless optimism to counter the foul beating of the heart of Wall Street. From today's Guardian, one of the best articles I've seen in the press in a long time. I recommend reading it--the conclusions matter to us all (particularly here in Canada). Then go off and read this article about becoming less cool from The Tyee.

[From the Guardian article]
"Ultimately, though, action will be taken because there will be
political pressure for it. Indeed, it is somewhat surprising that there
is not already rioting in the streets, given the gigantic fraud
perpetrated by the financial elite at the expense of ordinary Americans.

The US has just had its weakest period of expansion since the 1950s.
Consumption growth has been poor. Investment growth has been modest.
Exports have been sluggish. But if you are at the top of the tree, the
years since the last recession in 2001 has been a veritable golden age.
Salaries for executives have rocketed and profits have soared, because
the productivity gains from a growing economy have been
disproportionately skewed towards capital."

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