The economy is tumbling, with no end in sight, and I’ve been looking for answers that the non-economist like me can understand. Why has this system failed us?
One good answer comes in Michael Lewis’ “The End,” published in the December Conde-Nast Portfolio. Twenty years ago, things could have changed for the better, he writes. But plain old personal interest–greed–won the day.
Why bother to overturn your parents’ world when you can buy it, slice it up into tranches, and sell off the pieces?
Thomas L. Friedman’s piece on the fall of Citibank last week, offers this sobering prognosis:
…how we got here — [was] a near total breakdown of responsibility at every link in our financial chain, and now we either bail out the people who brought us here or risk a total systemic crash. These are the wages of our sins. I used to say our kids will pay dearly for this. But actually, it’s our problem. For the next few years we’re all going to be working harder for less money and fewer government services — if we’re lucky.
Happy Thanksgiving, everyone.