Smith seems disgusted, pointing out that even these tepid reforms emerged from a "weak analysis of the causes of the crash, some disjointed looking proposals, some mild BS. Kind of picking at the problem, with lobbyists at the ready.
"But what is the result of nine months' thought and some horse-trading with concerned Congressmen, juggling lobbyists and angry voters?"
What, indeed! We can see where all this is headed. We will find out soon enough if the predictions of a possible "great, great depression" come to pass.
The problem is that while many see the logic of an illogical system, so intricately sabotaged from within, it is set up to make it almost impossible to stop the train wreck. On this, the press is largely missing.
The astute economics editor of the Guardian, Larry Eliot, sees only one possible way to stop this disaster in the making:
"Policy, as ever, is geared towards growth because the great existential fear of the Federal Reserve, the Treasury and whoever occupies the White House is a return to the 1930s.
"Back then; the economic malaise could be largely attributed to deflationary economic policies that deepened the recession caused by the popping of the 1920s share market bubble. The feeble response to today's growth medicine suggests the US is structurally far weaker than it was in the 1930s." (Emphasis mine)- Advertisement -
To tackle these weaknesses it must break finance's stranglehold over the economy and boost ordinary families' spending power to cut their reliance on debt.
Can we break finance's stranglehold over the economy if these issues can't displace the sex scandal of the week, as the real threat to our future. Can we identify and stop the saboteurs?
We keep reading about the Arab Spring, but not the American winter.