Now that we know the whole story, let me ask you this. If you are a bank exec and you were just rewarded for your previous folly and you are being told to lend more, what course of action would you take? If I put myself in their shoes, I'd say, "Screw you. I'll just take my huge bonus and sit pat and take no risks. This is way too good of a deal to pass up."
You see, it's no longer that the economy is broken, it's MARKET DYNAMICS that have been disrupted. The very essence or animal spirits that make our markets work have been thrown off the rails. That's why we are headed to another Great Depression. Very ugly.
I note your cynicism and frustration....its understandable. The current behavior of the banks is something we've come to expect......where we, the little guy, get screwed. This attitude has become endemic to the people of this country. We have become conditioned to feel that way because of what we have experienced these past 8 years.
But things are changing.......do you have any idea how empowering it will be to get Obama elected? The actress, Kerry Washington, gets it.....she says in one of the black eye pea vids that Obama will be "our president" because we got him elected...."not the corporations; not the lobbyists but us". And while that's a bit naive and simple, there also is truth to it. Have you stopped to realize how empowering it is.....getting some elected to the presidency? Not voting for someone......but actually providing the money to make it happen. That's what the American people have done here.
And people are going nuts. They can not wait to vote. My apolitical friends check their now favorite political websites in the AM, at lunch and then again at nite to see how things are going. Its like we bought shares in some company and we're tracking the company to see how well its being run. When I get together with friends, invariably the conversation turns to the election. I have not seen my neighbors in weeks......I ran into one this past Sunday. We talked an hour about Obama. Its crazy.
When's the last time you've seen people excited about an election? When's the last time you've seen people wanting to talk about politics? When's the last time you've been excited about a candidate? When's the last time you couldn't wait to vote? For me, its been zilch, zero, nada, nein, nyet, never......until Obama.
If Obama makes it, things are going to change. Finally, Americans are plugged in in way I never thought possible.......and frankly, I don't think we will revert to the old ways. And as pollyannish as this may sound, I think on 5 November the mood of this country is about to go through a dramatic shift. For the first time in a very long time, we will have real hope that things can get change and get better. And let me just say.....the value of hope has long been underrated.....esp by the right......but it can be an amazing tonic. Hope can turn a nation around and get an economy running on all cylinders again. So don't despair........I believe things are about to get much, much better. ;-) |
