“This crisis has turned out to be much broader than anything I could have imagined.”
We citizens, firms and governments owe at least $350 for every $100 of goods or services we put in every year.
“I made a mistake in presuming that the self-interest of organizations, specifically banks and others, was such that they were best capable of protecting their own shareholders.”
Not long ago he said the economy was strong and “also the financial system as a whole has become more resilient”. We believed the maestro could never be wrong, but after nearly 20 years as head of the nation’s monetary policy, Alan Greenspan’s effort to explain continues and continues.
It all started with Reagan and spiked under Bush, with Democrats too: a favoring of capital flow as panacea while running a poor and global game theory. It’s become extreme debt.
An era of much activity, yes, but distorted. It’s hid major flaws in our economy. We have put up with ineffectual and arrogant elite, stubborn and trivial politics, forceful and petty committees, intrusive and weak programs, institutionalized war, of all things, bloated and tricked budgets, ignored regions and deferred maintenance, tethered and restrained innovation, chaotic trade and employment, open pilfering and raw usury. We accept injustice and poverty. We’ve kept old technology where costs are high while consuming style as a first resort. We are left so utterly confused about four-square values that we’re vulnerable to the ranting of blatant superstition flamed by aggrandized and hateful media personalities. We’ve let bullies and ignorance remain human nature.
Oh yes, there’s much we’ve done extremely well. Our nation may be far better than it seems while we sweep away error. We can do that. There’s much to gain offering new and needed solutions to the world again, boosting true prosperity again, repairing exploited services and tramped education, and fixing our governing.
We are climbing a higher mountain now. The map is below.