tag:blogger.com,1999:blog-2156536327610779049.post4659057538028675052..comments2024-02-23T11:23:45.971-05:00Comments on Lost Motorcyclist: America Flunks Mid Term IQ TestLost Motorcyclisthttp://www.blogger.com/profile/08873504561959138792noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2156536327610779049.post-63037717614616052512010-11-04T10:05:05.905-04:002010-11-04T10:05:05.905-04:00The current economic mess was clearly evident by 2...The current economic mess was clearly evident by 2006, but had been decades in the making. It was kicked off largely by <a href="http://en.wikipedia.org/wiki/Reaganomics" rel="nofollow">Reaganomics</a> in the 1980s, Democratic errors in the 1990s (e.g. repeal of <a href="http://en.wikipedia.org/wiki/Glass-Steagal" rel="nofollow">Glass-Steagal</a>) but seriously exacerbated by the Republican administration's ideologically motivated failures to address the increasingly obvious problems in the system and by Greenspan's ill-advised <a href="http://en.wikipedia.org/wiki/Alan_Greenspan#Housing_bubble" rel="nofollow">interest rate policies</a>.<br /><br />The Obama administration has faced a choice (in simplest terms) of allowing an economic collapse of the magnitude of the 1930s or of selectively propping up the rotting structure to limit the damage. They were doomed either way, although only history will show whether they made the less disastrous choices.<br /><br />It's an unfortunate characteristic of democracy that the surest way to power is to play on the fears and prejudices of the populace. History abounds in examples; I need not bore you with those. In difficult times, people's general levels of concern are elevated and they become even more vulnerable to demagogues and susceptible to the propaganda from the vested interests.<br /><br />That propaganda, much of it <a href="http://www.freechild.org/ReadingList/reviews/proto-fascism.htm" rel="nofollow">proto-fascist</a>, has succeeded. The results are clearly evident in wealth condensation effects and in the deterioration of the <a href="http://en.wikipedia.org/wiki/Gini_index#US_income_Gini_indices_over_time" rel="nofollow">U.S. Gini index</a> from about <b>38</b> in 1968 to the current embarrassing <b>47</b> (approaching that of China).<br /><br />The growing wealth disparity (also a problem in Canada, BTW), the problematic economic recovery (or, not unlikely, further economic deterioration) coupled with that fear- and hate-mongering, is a potent brew that risks serious social unrest and instability.<br /><br />BTW: Interesting <a href="http://www.cbc.ca/video/news/audioplayer.html?clipid=1631355837" rel="nofollow">interview on CBC</a> with <a href="http://en.wikipedia.org/wiki/Chris_Hedges" rel="nofollow">Chris Hedges</a>.Madeyehttps://www.blogger.com/profile/02593933575568389288noreply@blogger.com