A cold shower for the Case-Shiller Index

tvsterling at 06:28 2009-08-01 said:

Shiller was on Charlie Rose, A PBS show, today spouting the most fatuous drivel ever concerning the 'Financial Crisis'(otherwise known as Great Depression 2). He states airily that we need to leave Wall St to fix the problem because it's their game & we can count on them. His appeal is for belief in a kinder & gentler Wall St. Well I got news for you buddy; Wall St has pulled out the all the stops to make sure NOTHING even remotely resembling reform happens. All that money & all those bought off legislators are grimly determined. He made some quaint old fashioned appeal to the 'Perfectibility of Man' as the premise for all this outpouring of new beginnings, fairness & mutual respect. I hate to be the one to tell him this but 'The Perfectibility of Man' died in 1933 under the boots of Hitler's storm troopers. He pointed out that wave after wave of recessions have made Americans a little pevish, nay even grumpy about the system. He made vague references to the unbalanced distribution of wealth but didn't have quite enough guts to mention that 5% of the citizens have 95% of the wealth. Does he really think Americans have the patience or the belief in the current system to wait out the 10 or so years it will take to dig out? The reason Detroit is down & out is that nobody makes enough money to afford a new car. Even Henry Ford, a true American Fascist with a medal from the Fheurher to prove it, wanted the workers at his factory to be able to afford his cars. The same thing goes for houses. Houses don't sell because nobody can afford them. The credit card game is an 'A' ticket into debt slavery. Now that the country (the real country) knows the game is rigged, the jig is up. The futurists now say that old age poverty is the fate for most Baby Boomers due to the vast wealth destruction. There is no place to go but up into true reform or down in ruins. The country is firmly set on the latter course, God help us. These limp wristed appeals to us common folk to mind our place smack of arrogance. That Shiller is just another mealymouth apologist for his class. Permalink