As Economy Crumbles, Media Goes into Ritual Politics Mode: What is Michelle Bachmann wearing?
By Danny Schechter, Author of the Crime Of Our Time
"Karl Marx got it right, at some point capitalism can destroy itself," said Mr. Roubini, in an interview with the Wall Street Journal."
And so, it came to pass, as predicted, projected, and warned about, that the economy is about to tank again. No less an authority than Nouriel Roubini, once dismissed as "Dr. Doom" for his accurate predictions of the financial crisis in 2007 and 20088, is shaking his head and pointing his finger again.
In intellectual circles, there's more and more talk about the fall of America. Even Noam Chomsky who wrote some of his 150 books about the rise of the American empire sees the handwriting on the wall.
The wags at the New York Times are monitoring what looks like an impending collapse. On one page, you read: "Data released on Friday leaves little doubt that the European economy is losing momentum before most countries have even recovered to the level of output they had in 2008, when the recession hit."
Closer to home, the newspaper fears a "double dip" and says, "few cushions left for a new crisis."
MSNBC reports: "As the debate rages on about whether the U.S. economy is headed for a douple-dip, one expert says another recession is all but guaranteed, and there's nothing that can be done to prevent it. (emphasis mine.)
"Paul Gambles, Managing Director of financial advisory and asset management firm MBMG Group said the bond market, which is the most reliable indicator, has been pointing to a slowdown since at least April or May." He says the deeper problem predated this Administration and has been ongoing for at least a decade.
You would think the captains of industry would be battening down the proverbial hatches, stabilizing the ship and getting out the life boats instead of supporting policies and politicians who believe that chaos offers the only way forward.
To quote the House Speaker Mr. Boehner about some of his colleagues, "A lot of them, believe "enough chaos" would make opponents yield."
Where is the sense of national urgency beyond the bitter partisan divide?
In response, the president may yet discover some backbone, before he loses support from what's left of his liberal base. Over the years, he has ceded so much of his power through compromise that some of his supporters believe he is a Republican at heart, that is, if he has a heart.
His most clever comment of late is a play on "Obamacare."
"Obama does care," he insists.
While the GOP and its noise machine blather on blaming unemployment and a lack of growth on the President, their practices insure that there can be no progress. Boehner admits as much,