Prometheus 6

I was torn about whether to rant about the rage McCain's supporters feel or the fear generated by the economy. After reading Kathleen Parker's Hearts and Votes in Appalachia, about which I retain some cynicism, and the sanity in the current issue of Time Magazine (I'm linking Ta-Nehisi's article because they didn't put his name up top, and I'm sure they will correct that) I decided the economy comes first right now. That, in fact, explains the shift in topics you've seen here...there's little use to planning your chess moves when the board is falling off the table.

Given that the United States has held itself up as a global economic model, the change could shift the balance of how governments around the globe conduct free enterprise. Over the past three decades, the United States led the crusade to persuade much of the world, especially developing countries, to lift the heavy hand of government from finance and industry.

But the hands-off brand of capitalism in the United States is now being blamed for the easy credit that sickened the housing market and allowed a freewheeling Wall Street to create a pool of toxic investments that has infected the global financial system. Heavy intervention by the government, critics say, is further robbing Washington of the moral authority to spread the gospel of laissez-faire capitalism.

And the board is definitely falling off the table. I can say that because I don't get NY Times-level traffic.

Credit, the lifeblood of capitalism, ceased to flow. An economy based on the free market cannot function that way.

Disregarding for a moment the interesting use of the word "free" to discuss our market based system, I need to point out that the problem hasn't been in the nature of credit but in gambling, and in basing national economies on debt and consumption, and calling an increase in the number of transactions "economic growth." 

We've been sucked into thinking the rules of mathmatics apply to corporations in a different way than to humans. We could easily call our personal credit card debt "leverage." And just as we consumers thought middle class all this time  because we could make the monthly payment, our economy has been inflated by this excess leverage, and capitalized mortgage fees, and such, to the degree that there is more potential debt in the economy than there is actual wealth in the world.

That is the very definition of bankruptcy. The world...a huge part of it...is bankrupt. Locally it's gotten to the point where McCain is suggesting a suspension of stock sales by mutual funds. Okay, given his admitted ignorance about economics maybe McCain is a bad example to cite. And looking at the activity today, it seems people are cashing out. But it's a stupid a suggestion as ordering all bank branches to lock their doors for a couple of days.

Bush says we know the problems and have the tools to solve them. Mccain says he knows how to solve the problem...but then he says he knows how to solve every problem. But neither of them even approach the fundamental problem. All I see is a lot of thrashing and lashing out at the wrong people. And that is what bothers me the most.

See, I'm preeeetty sure folks would be allowed to die on the street. Banks are over-leveraged but the physical material we make stuff with and the skills we use to make them remain. Sounds McCain, I know...But I know any funds to keep folks warm and fed will be distributed by local governments. Last time that happened, Black folks were cut out. I feel like there are people...government officials affiliated with the Kouncil of Koncervative Kitizens, people unconcerned with racial justice, people to whom the definition of "solution" involves their retaining their relative position, who will distribute those funds to their cronies before the general citizenry.

That's why I'm not feeling the whole "blame the naygurs" vibe coming out of the right wing. The right wing has finally admitted it needs government...and we are going to need government too.