You can listen to CNBC, and the president, drone on about the recovery, about the wealth effect, about trickle-down economics, about why adding $150 billion in debt per month is perfectly acceptable, and about a brighter future for America and the world... or you can take a quick look at these two charts and immediately grasp the sad reality of where we stand, and even sadder, where we are headed.
[take a look at the graphs at the link]
According to Obama and his dedicated leftist base in the Democratic party (and, to be fair, not a few deluded Republicans), the whole financial mess proves once and for all that capitalism doesn't work.
I almost completely agree but with one caveat: CAPITLISM DOES NOT WORK WHEN IT IS CONTROLLED BY GOVERNMENT.
The left would like to blame the global economic meltdown on capitalism--at least when they briefly become conscious of a whisper of a possibility of a mere hint that they can't spend spend spend forever and ever money they don't have.
Unfortunately, though, that waxing and waning awareness takes the form of: "CAPITALISM IS BROKE SO WE HAVE TO SPEND EVEN MORE MONEY WE DON'T HAVE TO FIX IT!!!" Just go and read any article from the delusional, Nobel-Prize winning (is that redundant?) economist, Paul Krugman, for example.
What never seems to permeate their awareness is that THEIR BEHAVIOR AND UNDERLYING IDEOLOGY have something to do with the meltdown. Indeed, the vast Congressional-Industrial Complex that has been created (which is sometimes called "crony capitalism", but I prefer to call it "crony socialism") is the driving force behind the economic meltdown here and abroad.
The market cannot rebound from their interference because it isn't free to do so.
This political-industrial complex is composed of know-it-all, do-gooder elitist leaders in Congress (a toxic mixture of "selfless" and "selfish" narcissists) who conspire and collude with the money-grubbing, unethical and elitist leaders (selfish narcissists) in the business world to deviate from and otherwise ignore the fundamental laws of supply and demand; and substitute their own whims. They enrich themselves while sanctimoniously insisting their actions are for the benefit of the disadvantaged and poor; the helpless and the weak.
I wonder how the diadvantaged and poor; the helpless and the weak will fare when the economy finally collapses under the weight of the benevolent left?
Both sets of narcissists firmly believe they can manipulate the market indefinitely and personally enrich themselves while supposedly "doing good for others" without invoking any adverse consequences at all.
Frankly, while a free market has its glitches and bumps and individual failures and losses; it is simply not capable of screwing up the entire economy without the devoted and sanctimonious assistance from unrestrained and malignant politicians colluding with unethical and malignant businessmen, both of whom believe they are insulated (for a while, at least) from the rule of law and from reality. The very act of suppressing fluctuations and controlling those glitches and bumps so "nothing bad" ever happens is what renders systems like the market extremely prone to large-scale disruptions.
But, you cannot ignore or manipulate reality for very long before it comes back to smack you in the face--and I fear we are headed for an extremely large scale disruption unless something is done now.