The following comment is an excerpt from an editorial by David Leonhardt in the October 9, 2011 New York Times:
For now, the main cause of the economic funk remains the financial crisis. The bursting of a generation-long, debt-enabled consumer bubble has left households rebuilding their balance sheets and businesses wary of hiring until they are confident that consumer spending will pick up. Even now, sales of many big-ticket items — houses, cars, appliances, many services — remain far below their pre-crisis peaks.
Got it! It’s not the banks, Wall Street or any other sinister organization, it’s us. Pass that on to the “students, activists, PhD candidates, psychologists, experienced protesters” and even the President. Occupy Wall Street is certainly an expression of frustration as misdirected at it may be. It is fueled by two and a half years of political rhetoric designed to pit Americans against each other and to deflect blame. The problems are complex and immense to be sure and they are not going away anytime soon, protests in the streets or not.
Categories: Observations on life