I came across the quotes below on a financial blog :
"Most of them became wealthy by being well connected and crooked. And they are creating a society in which they can commit hugely damaging economic crimes with impunity, and in which only children of the wealthy have the opportunity to become successful. That’s what I have a problem with. And I think most people agree with me."
Charles Ferguson, Predator Nation
"If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time."
Simon Johnson, The Quiet Coup
I believed in ‘Hope and Change’ in 2008. My hopes were left unfulfilled and little has changed. Too big to fail banks are even bigger, nobody has been prosecuted much less convicted for financial crimes — despite billions in fines (a cheap cost of doing business it seems).
I do not see much possibility for real change with either of the presumed nominees for 2016. Hillary will be more of the same and despite his rhetoric I doubt you will see any change from Trump.
I also believe we are already IN a true depression — we NEVER recovered from 2007.
Economic statistics are little more than lies and more damn lies, something which every American sees with their own eyes. Things may have gotten a little better in some places but they’re getting worse again now.
REAL unemployment is 24% for 23-55 year olds and 23% overall (the latter going by Shadowstats) — as bad or worse than the 1932 high. REAL inflation is double digits in many major cities (NY, LA, Philadelphia, San Diego, SF, Detroit, Baltimore, Boston, Seattle, Portland, San Jose and more) —going by the Chapwood Index yet the Fed claims it WANTS 2% inflation and is not getting it. Tell that to any Social Security recipient.
Few people I know feel secure in their jobs (and things are considered to be ‘good’ here) — many are actually waiting to be let go, training their replacements elsewhere (often overseas as the financial industry now exports back office accounting jobs — following the systems, IT, programming and call center and customer service jobs already there).
Too many people I know — even in our relatively affluent burbs — are now out of work and worried about finding a new job in a tight market — some have been out for some time but such things aren’t talked about.
We’ll be looking to move on soon — it’s too expensive to stay here. Our local property taxes are more than most pay on their mortgage — even though we bought our house for a bargain price. All the work I put in increases our assessment — though it won’t count against ‘capital gains’ that are more due to inflation than overall improvements. Families that used to live here for generation after generation can no longer stay after their children are grown much less after they retire — nor can their children afford to move in unless making far more than their parents ever did.
Elsewhere in the country relatives and friends are in far worse shape — lucky to have worked for half of the last decade piecing together stints of various lengths broken by unemployment.
One of the few examples of what was ‘right’ finally succumbed. A company that did right by its employees now survives in name only. Inherited wealth that never worked a day in their lives turned their backs on long time employees, selling a company their father worked hard to build and thought would last long after his death, providing the security he felt his employees deserved. That concept died with him.
Take the money and run — why bother with the responsibilities of running a company (even if you’re minimally involved). It’s no longer their problem. Why should those employees think they’re any different than the ones at some Fortune 500 company? The founder’s heirs now have more time to manage their father’s ‘foundation’. I’m not sure he’d be happy with how they’re spending the money he made.
The rich get richer while everyone else worries about holding on…..
Don’t think that ‘doing the right thing’ is rewarded. Work hard, delay having children, make sure you can pay for their college, buy a ‘bargain’ house, and save what you can and you’re coming up short because you paid full freight for college, paid off your house early and you’re let go just as you finally hit prime earning years and are replaced with a younger cheaper version of you willing to work even more hours — or your plant shuts down and is moved overseas or….. the list goes on……
I see little cause for any optimism. Any attempts at real protest are co-opted (like the Tea Party) or suppressed (like Occupy).
But the pressure still builds…… (and don’t tell me that it will make any difference who’s elected in November)
I actually suspect we’re actually already OUT of time…….. In 2008 we changed captains on the Titanic just after it hit the iceberg — saying all was fine didn’t make it so. We needed a captain who’d fill the lifeboats as full as they could get — but that didn’t happen. I fear the ship is already going down.
We needed real leadership and change in 2008 but didn’t get it. Doesn’t matter much who takes over just before the ship nosedives for the deep.