We may not know much, but like the NY Times said in an editorial today: "...we do know that the system has been fixed for too long." True Dat. Fixed by the very rich oligarchs, and yes, America has its oligarchs in case you haven't noticed. Fixed by the banks, may they rot in hell for their fiendish and greedy maneuvering. Fixed by eight years of a Republican administration that not only looked the other way, but actively participated in gutting the regulatory system designed to prevent just such a meltdown. Shame. Anger. Revolt.
It's no wonder that a significant Populist revolt is already underway. Politicians and financiers, watch out! The depth, length and fury of the blowback will shock and astound. As well it should. Regression to the mean in this case is going to be a very painful exercise.
And as for not seeing this coming, as many of the pundits and so-called experts now plead, The Author was sounding the alarm on this site in multiple posts as early as 2007 - with this post about predatory business practices. A follow-up post askes: Is the US becomming a third-world nation? Prescient, don't you think? A third post on the subject in 2007 sounds the alarm about impending failures in the banking system. And a final post warns: Don't blame consumers for the sub-prime meltdown. This is in 2007!
In 2008, as the crisis unfolded, Pop Impulse stayed ahead of the main-stream-media and pundits with a series of posts on the deteriorating economy. A first-of-the-year post notes the market meltdown underway at the time. A second post notes that Fed Chair Ben Bernanke "bet the farm" with his first intervention. A February, 2008 post places the blame directly on corporate greed. Ya think? The Author worried in a follow-up post that the financial crisis would bankrupt cities. Well, that's definitely happening now. In June, this blog reported that "consumers were drowning." And by July, The Author was advising readers with big bank accounts pay attention.
Okay, so here's the question? Why the fu*k did the brainiacs in power miss this impending "perfect storm?" And while we're at it, who is benefiting from the carnage?
Technorati Tags: Economy, Banking, Finance