Is the American economy destined to fail?

[lewisipso]

It has been said that absolute power corrupts absolutely. This has become more evident as we watch America’s economy sink under the weight of lobbyists and Wall Street bookies. We are no longer a country that gives its greatest rewards to those who work the hardest. We have become a nation that financially rewards those who scheme the best.

Nobel Prize-winning economist Joseph E. Stiglitz said, “There used to be a social contract about the reasonable division of the gains that arise from acting together within the economy. But something happened 30 years ago, as the era of Thatcher/Reagan was ushered in. There ceased to be any sense of fairness… It became perfectly respectable to call it incentive pay, even when there was little relationship between pay and performance.”

Without bailout money from the taxpayers, the corporate gamblers that provolked our financial crisis would have simply lost. Game over. But the powers that be decided that it would be better to break the laws of capitalism. Washington stepped in and changed the rules of the game after it was over. What we have in its wake is an epidemic of foreclosures, rising unemployment and a disintegrating standard of living.

[Jenna]

Nothing is destined, but those are valid points.

[Car 4]

Leave it to Stiglitz to blame it on Reagan and Thatcher.....

The guy is borderline putz....I don't think our econemy will fail.....it could....but it won't. Watch the 2010 and 2012 elections and regain some of your faith.


Car 4

[keith720]

What we really need is all of the gov't. to take a month off without coming up with any new "bail-out" or "stimulas" plans, knock off all of the pork barrel spending, and bring back the draft . Get rid of the current welfare system, and make those who want help, work for it. I have to admit I get P.O.'d when I see a future thug or thugette strolling around in the middle of the day without a care in the world when most people have to bust their ass to get ahead.

[MacLean]

Did that shitbag actually attempt to blame this shit on Reagan and Thatcher?

Oh holy shit.

If we could dust off and prop up Reagan and Thatcher we'd be out of this shit with double digit growth in 12 months.