Is the 'Good Life' as America Knows it Over? IMF To Evaluate US Economy!

[NicholeW.]

I'm situating this article here, in "Politics," because it is not about, openly, TS/TG issues. However the nation's economic policy and procedure and what may well occur, or has occurred, does seem to me to be a topic that might well concern TS/TG people as much or more athn others.

Is the 'Good Life' as America Knows it Over?
By Steve Fraser, Tomdispatch.com. Posted September 19, 2008.

The relationship between Washington and Wall Street has changed fundamentally and as a result, the road ahead is dark and unknown.

http://www.alternet.org/workplace/99395/?page=1

Welcome to the Third World, America. Now, hold your hats while the whirlwind blows and the stock market goes into heart-attack mode. Steve Fraser, an expert on Gilded Ages (and how they end), as well as the author of a superb new book on our financial "masters of the universe" from the eighteenth century to the present, Wall Street: America's Dream Palace, brought up the dreaded "D" word (for depression) this April at TomDispatch when, in the mainstream, pundits were still wondering whether we might possibly, actually, really be edging toward, or near, a recession. He wrote at the time: "The current breakdown of the financial system is portentous. It threatens a general economic implosion more serious than anyone has witnessed for many decades.

[fae_reborn]

It's the collapse that I've been dreading (i.e. Peak Oil), so get ready to hang on to your hats folks!  I hope you've got your post-depression plans in order! 

Jenn

[Flan Princess]

Nowhere in the article (or comments) did I see mentioned the real cause (IMHO) of the financial mess, financial derivatives. How worthless digital-debt has vastly outgrown the "real" economy, is far beyond me.

As far as Peak Oil the Oil Plateau, my best hope right now, is the wide scale production of bio-diesel from algae. (it's been certified recently, see more here)

[NicholeW.]

There are probably many things that wouldn't be expressly included in a 2000 word essay. It hardly means the writer is unaware of them. Perhaps "arcane & exotic securities" would include derivatives?

Peak Oil wasn't included either. In point of fact Peak Oil has declined precipitously over the past month to somewhat less than peaking. Although the exhaustion of oil as a fossil fuel is without doubt still coming closer.

Perhaps, Flan, you could write an essay on derivatives and post that?

N~

[Flan Princess]

Perhaps, Flan, you could write an essay on derivatives and post that?

My brain would probably spontaneously explode at the thought of it.
Something like this may be a better way of understanding the mess.

[Alyssa M.]

the real cause (IMHO) of the financial mess, financial derivatives

Oh, sure, blame the physicists.



Meh. We've been through worse. We'll be fine.

[fae_reborn]

Meh. We've been through worse. We'll be fine.

Somehow, I'm not so sure. *starts looking for a place to hole up*

Jenn

[lisagurl]

Meh. We've been through worse. We'll be fine.

Somehow, I'm not so sure. *starts looking for a place to hole up*

Jenn

How much of what you feel is drama and how much is based on facts?