As most semi-knowledgable persons know, nothing whatsoever was done to correct the systemic big-money tumors and corruptions that led to the 2008 meltdown, and because zip has been done and because the same upper-echelon hotshots are playing the same speculative games as before we’re definitely going to experience another big wipeout, probably within ten years and possibly sooner. God help us.
This was the view shared by David Stockman, former budget director for President Reagan, and Pulitzer Prize-winning New York Times reporter and columnist Gretchen Morgenson (“Reckless-Endangerment“) on Bill Moyers‘ PBS show on 3.9.
Stockman has said he was “taken to the woodshed” for telling the truth about the Reagan administration’s tax policies, and he’s certain to be put down and ostracized by financial kingpins for saying what he’s told Moyers. “We have neither capitalism nor democracy,” Stockman declares. “We have crony capitalism…an entitled class of Wall Street financiers and of corporate CEOs who believe the government is there to do…whatever it takes in order to keep the game going and their stock price moving upward.”
When and if President Obama is re-elected, his feet have to be held to the fire about this. It should in fact be the One Issue dominating the 2012 campaign. Will it be? Of course not. Romney will spew his cut-costs bullshit, catering to the heartlanders and toothless idiots in Mississippi, and Obama will gloss it all over with slogans and whatnot. Obama might be persuaded to take stern measures if re-elected. Lord knows if a Republican is elected to the White House in 2016 nothing will be done and our doom will be assured. It may already be.