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Who's Sorry Now?

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Message Michael Fox

Apologies are in order.  So is a bit of truth-telling and atonement.  Fat chance, however, that we’ll ever get it.  So where would they even begin?  How about wiping the slate clean and starting with today. 


Today, Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke have announced that they will “tighten up” banking regulations to stabilize the economy.  NOW?  Are you kidding me, man?  On your knees, gentlemen!

 Yesterday, the financial press finally leaked out (surprise, surprise…) “the U.S. Economy: Drop in Retail Sales Signals Recession.”   Well, I have news for them, and I’ll bet so have you!  The United States - under the crackpot policies of selective deregulation - has slid way beyond any “recession” – and that slide began long ago.  I will call it what it is, even if the geniuses at Dow Jones, Bloomberg, CNBC, and the rest seem constitutionally unable to say it: The United States of America began a new Great Depression on November 7, 2007.  I urge you to read my explanation from that day,  I encourage every one of those morons still beating a long-since busted drum to start reporting the truth in the context it deserves.  Remember that old adage: the people have a right to know?  ON YOUR KNEES!  Repent! And get cracking on reporting the truth.  Or are they so out of touch in lower Manhattan with the realities of life west  of the Hudson River that they still find it acceptable to spew their lying drivel – as if the reader, other than the few dedicated faithful – continues to believe any of the spin? 

Since January, (officially) 85,000 workers have lost their jobs.  Now, understand, that with the natural population growth, factoring in attrition, aging, growth, etc, our employment figures are negative if we don’t CREATE a minimum of 10,000 new jobs per month.  If we lose 85,000 in two months, we’ve really lost 105,000.  And Labor Secretary Elaine Chao has refigured her accounting standards for labor statistics so many times in her 7-year tenure, there’s no telling how inaccurate those numbers really are.  On your knees, Elaine!  And her husband, Republican Senate Minority Leader Mitch McConnell can get down there too.  He’s got more than a few apologies due for the profligate spending that has drained the treasury of this nation, 

I already gave the architect of this disaster himself, Alan Greenspan, a column a few months ago.  One update for that old bastard:  This week he gave a speech in Dubai recommending phasing out trading oil in the petrodollar.  Well, isn’t that patriotic?  Unfortunately, the international standard of trading oil in dollars has been the last bit of glue holding the dollar in place.  When Greenspan tacitly or directly recommends to the Arabs that they switch to the euro and the ruble, he is committing treason.  Perhaps he plans to stay there, though, as Dubai doesn’t have extradition.  Don’t even bother to apologize, Mr. Greenspan.  There’s a rotisserie spit in Hell with your name on it. 

And finally, I apologize, too, because I elected to speak to a very narrow audience until the last six months, and, henceforth I will be spreading the truth to a wider audience every day.  Keep your eyes and ears ready.  The buck stops here. Really.  Just give me gold, instead, thank you very much. 

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Michael Fox is a writer and economist based in Los Angeles. He has been a corporate controller, professor, and small business entrepreneur. After a life-altering accident, he spent five years learning more about medicine and the healthcare (more...)
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