Thursday, July 09, 2009
Plus ca change....
This Matt Taibbi article is getting attention because it purportedly rips the lid off of Wall Street scandals and goes to the heart of what ails our economy.
While this book is more worthy of our attention, as it discusses the "invisible poor" in America at the height of the "boom" in the American economy. I'm listening to the author talk about places in America labelled "food deserts" because there is no food available within 100 miles, except from gas stations selling "junk food." Imagine such a term being a part of the vocabulary of people who care for the poor in this country, and try to help them. Imagine such a word applying to this "land of plenty."
As the author points out, we used to expect to be wealthier than we already are, and lived and spent into that expectation. Thus did the economy grow, but thus, too, were bubbles created. There are strong indications this continuous growth not only cannot continue, but has come to an end.
But the expectation hasn't; yet. And the problem is not the perennial one of market manipulators; it is that the poor will always be with us. The question is: will we always ignore them?
Posted by Rmj at 10:43 AM