Can Brainwashed Dinosaurs Rebound?
The huge bailouts to the financial sector accomplished nothing. The banks refuse loans to consumers and to small businesses. Our consumption-driven economic engine is entering the shut down mode, especially for the big ticket items [housing, autos and consumer durables]. Small businesses historically have created most of the new jobs. Since the credit sources are in lock down, there is little funding for new entrepreneurial growth in output and jobs creation.
Clinton said that as mortgage foreclosures continue, it would be "far cheaper (for the government) to rewrite mortgages and keep people in their homes." It costs the government $250,000 for each mortgage foreclosure and with up to 3 million homes at risk next year, this could wipe out the effects of the bailout package, he warned.
Optimists point to GM's EV1 an electric car viable and ready for mass production 12 years ago. This innovation would have restored the dominance of Detroit auto-making. The establishment quashed the EV1 and all the technical progress it embodied.
While the Congress gave a $350 billions blank check to financiers, it is hard put to advance $15 billions to the Big3. The $12 billions wasted monthly in our failed Asian Empire scheme earn barely a footnote in the budget report.
We gave the progressive Obama a nine-million vote plurality based on his promise for change. However, we surrounded him with brain dead old men who have no connection with the 21st Century. We burdened him with 1.8 millions Federal employees who couldn't organize a two-car funeral.
For the past 60 years the churches, the media and the schools have dummied down the American population. They have made of us hollow consumption tubes incapable of critical thought.
We are perplexed that old bromides are not sufficing as an answer. Perpetual war and manufactured threats pale in the face of the new realities. We have substituted our Constitution and Bill of Rights with empty slogans and sound bites.
We approach the condition of the human drudge known as Winston in 1984 written by George Orwell. Big Brother had total information control over Oceania, a slave state at war with two other continental powers. Winston's job was to replace yesterday's propaganda with the new Party line from Big Brother. History burned daily.
In the old days  the Council of Economic Advisors published a compilation of economic statistics. Called 'The Economic Climate' it gave a fairly reliable picture of national economic activity
In November 2007 the government statisticians noted a decline of Gross Domestic Product. This was bad news for the Republican Administration, so they burned it. When output continued to decline through 2008, the Administration showed positive gains. They waited till they lost the election to state we had been in recession for a year.
The failed forecasts will burn nicely with our worthless 401k receipts and our Mutual Fund Certificates. The regular guys have gotten the shaft. They held a job and assumed thirty-year mortgages. Saving to put their kids through college, they held off on luxuries until retirement
Nowadays, each American generation gets the double whammy. The children of the Great Depression stepped into World War Two. The baby boomers suffered their comeuppance in Vietnam and again this year.
The sufferer might adopt a more sanguine view. It has been shirtsleeves to shirtsleeves in three generations. The high flyers now dwell with the bottom feeders.
This begs the question. Can a former limousine liberal find happiness as a welfare recipient? Look for the answer on these pages.