Shock Therapy on Wall Street: What's Next?
Belief:
Is Blind Faith in God and the Bible a Modern Invention?
Devilstower
Corporate Accountability and WorkPlace:
What Can the Morass of the 1970s Tell Us About the Current Economic Crisis?
Alejandro Reuss
DrugReporter:
Why Are We Locking Up Traumatized Veterans for Their Addictions Instead of Offering Them Treatment?
Penny Coleman
Environment:
Why Max Baucus' 'No' Vote on the Climate Bill May Really Help Its Passage
Jeff Mcmahon
Food:
Soda Helps Make Americans Unhealthy and Fat -- Will Soda Tax Prevail Despite Pushback by Beverage Industry?
Christine Spolar, Joseph Eaton
Health and Wellness:
Does the House Bill's Public Option Kill Off the Senate's?
Booman
Immigration:
Recent Democratic Victories May Grease the Wheels for Immigration Reform in Congress
Marcelo Balive
Media and Technology:
Glenn Beck, Sean Hannity, Rush Limbaugh Stoking GOP Civil War
Eric Boehlert
Movie Mix:
The Yes Men: Pranksters Out to Fix the World
Mark Engler
Politics:
What Obama Is Up Against in His Own Branch of Government
Russ Baker
Reproductive Justice and Gender:
"Precious" Star Claims the Spotlight
Emily Wilson
Rights and Liberties:
Ugly Truth: Most U.S. Kids Sentenced to Die In Prison Are Black
Liliana Segura
Sex and Relationships:
9 Silly Things People Say When They Hear You Don't Want Kids (And Ways to Counter Them)
Liz Langley
Take Action:
G-20 Meetings: Nothing Much Happened in the Suites, and There Was Too Much Punch in the Streets
Laura Flanders
Water:
Radioactive Wastewater in New York Raises More Concerns About Oil Drilling
Abrahm Lustgarten
World:
Afghanistan Is Worse Off Than Ever, Thanks to the Sham Army We're Propping Up
Chris Hedges
Institutions and human psychology lead financial markets to bounce back and forth between exuberant greed and catatonic fear. Times of fear generate high unemployment. Times of greed are likely to be times of destabilizing inflation.- Economist Brad DeLong
The history of the contemporary free market was written in shocks…. Some of the most infamous human rights violations of the past thirty-five years, which have tended to be viewed as sadistic acts carried out by anti-democratic regimes, were in fact either committed with the deliberate intent of terrorizing the public or actively harnessed to prepare the ground for the introduction of radical free-market reforms.The only difference here is that, so far, there have been no serious reforms proposed and the market is anything but free. With its interest cut, the Fed bails out and rewards the very institutions that were profiting on ill gain profits from predatory lending.
A century ago, the depth of a banking crisis was measured by the length of the queue outside banks. These days, financial panics are more likely to be played out through heavy selling in share, bond or currency markets than old-fashioned bank runs. That makes the sight on the morning of Friday September 14th of a queue of people waiting (patiently in most cases) to take their money out of Northern Rock, a wounded British mortgage bank, all the more extraordinary.Yes, folks, "extraordinary" is the word, as this crisis becomes frighteningly global.
In his classic work The Great Crash: 1929, J K Galbraith put the decline down to the bad distribution of income; the bad corporate structure; the bad banking structure; the dubious state of the foreign balance; and the poor state of economic intelligence. He might have been writing about George W Bush's world rather than that of Herbert Hoover.Remember: you can't rely on what officials are saying to calm us. One financial website noted: "the time to panic is when officials say, 'don't panic.'"
See more stories tagged with: debt crisis
Danny Schechter writes a blog for MediaChannel.org. He is the author of "Embedded: Weapons of Mass Deception: How the Media Failed to Cover the War on Iraq" (Prometheus).
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