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Paul S

A large number of Americans have been fed up for some time now. Perot got 8.4+ million votes last time he ran. But if the media ignores this, the pols think they can safely ignore it also. Besides, there isn't a dimes worth of difference betweent the Dems and the Repubs. We need in Washington: a.) publicly funded elections and b.) a third and even a fourth political partiy with REAL power. The people doing all this criminal/idiotic behavior on Wall Street strike me as a group,to be a bunch of spoiled rotten rich kids--on 'rich kid' steroids. These little brats think the world should lie breathlessly at their feet. The world isn't lying at your feet you little inbred brats, they're at your JUGULAR. Daddy's silver spoon aint gonna help ya then either.

Elaine Meinel Supkis

We need a parliamentary system. The present one allows for only two parties and occasional spoilers. Who get nothing at all and have no negotiating powers.

42

a little help: how does a company lose $11+ per share when their share price even before this news was well under $11? can you have a negative market cap and stay in business?

Ed-M

You are absolutely right, we need a parliamentary system! With a prime minister with the powers run the day-to-day operations of the government. Which would take away powers from that odious beast the founding fathers created, the "unitary executive."

Michael

Elaine,

As the Eagles sang, "We haven't had that spirit here since 1969!" I remember those days well: In 1969 I dropped out of Yale Graduate School, quit the job I had just been given with the State Department, and refused the draft. I went to work 50 hrs/wk taking care of children in institutions for $1.50/hr (no overtime, no benefits). I have been happy ever since. I really appreciate that you credit Carter & Volker for the courage to tackle economic problems at a fundamental level, because they - like you - are often overlooked or falsely accused (I get particularly pissed when I remember how mocked Carter was by everyone, Democrats included, for trying to mobilize Congress and the American people to take the energy crisis seriously and put the same attention and sacrifice into solving that we do into war). But, it would be naive to think that the financio-industrial consumerist system can't flop around wildly during any particular crisis (including the Great Depression and 2 World Wars), and basically keep going along the same general path. Right now we are probably at a tipping point that will produce either another 70's type round of inflation (or worse, as you point out) or a 30's type of deflation (as some others propose), or maybe just some mild stagflation. The working people & consumers of the USA will gripe and bitch, but continue to support the same system as always. Why? Why don't they listen to you on ABC? The seniors and boomers, who constitute the majority of the adult population, have done extrememly well from a consumerist point of view since '69 (and '59 and '49). It really would take a wiping out of all those gains, not just a temporary reduction or setback in the rate of growth, to undo the sense of fabulous prosperity available to them now as compared to then. Your (sound) criticisms and prophecies are based on fundamentals. Fundamentals? We have constructed a society whose primary growth areas are now finance, entertainment, health care, and war. Few care about the inherent craziness of that, as long as they can consume, consume, consume. And me? Well, about the point I figured out that America is insane (e.g., plutonium is so toxic that one teaspoon properly distributed could kill everyone on Earth, and we have been manufacturing it by the ton as fast as we can to make H-bombs - and, oh yeah, you can't get rid of it for 250,000 years) I decided to get what I could for myself from the system using its own weaknesses - it's no mystery how it works. I rode the gold bubble in the '70s, the stock bubble in the '80s & 90's, and real estate bubble this decade (sold out in 2005). Now, I can work with the kids for free, and just shake my head at the continuing follies of The Fabulous Growth Engine that is our world.

Elaine Meinel Supkis

Thanks for the long comment, Michael. I had to renounce the opportunity to sell the US down the river and got punished for this.

Anthony

Didn't they downgrade "Japan" during the late 90's or so? After they start accumulating massive budget deficits, bailing out banks and failed economic infusions ...

We are bailing out banks, having ever increasing budget deficits and soon... the first failed economic infusion.

Elaine Meinel Supkis

Japan was downgraded all the way to #1 global export economic power which Germany overtook only recently. How many American major manufacturers have died while Toyota has gone from #4 auto maker to global #1 automaker?

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