Christina Romer, head of the White House’s economic advice council says she is “incredibly confident” the US economy will recover within 12 months.
Is there no end to these Happyfaces who insist we are not facing TEOTWAWKI? Don’t they understand that Disaster Chic is what’s going on and that optimism is so not welcome.
Happily though, Douglas Rushoff is embracing financial destruction and says let the economy die.
With any luck, the economy will never recover.
In a perfect world, the stock market would decline another 70 or 80 percent along with the shuttering of about that fraction of our nation’s banks. Yes, unemployment would rise as hundreds of thousands of formerly well-paid brokers and bankers lost their jobs; but at least they would no longer be extracting wealth at our expense. They would need to be fed, but that would be a lot cheaper than keeping them in the luxurious conditions they’re enjoying now. Even Bernie Madoff costs us less in jail than he does on Park Avenue.
Absolutely. as long as the bankers get spanked then trifles like mass unemployment, food riots, starvation, the collapse of governments, and probable open violence in the streets would certainly be worth it. Gosh no, we don’t need an economy and if the current one collapses then a new one will be along in a few decades. Shouldn’t be more than a few hundred million dead from violence and food shortages worldwide as we’re waiting for the New Utopia to emerge.
As Doug Henwood says about socialists who champion similar views, “that’s not leftism, that’s nihilism.”
You seem to miss the point, under the wonderful capitalist system, we have always had millions of unemployed and millions living in poverty and deprivation, we have millions dieing from starvation, and riots and unrest are with us and have been for many years. It just so happens that you in your neck of the woods have been one of the elite and doing very well thanks you on the backs of that poverty and deprivation. Obviously you are extremely eager that you get back to that comfort zone and the nasy side of capitalism, ie the poverty, deprivation, exploitation starvation and riots don’t come to your little patch. The system is incapable of resolving these problems so why not think outside the box and look for some sort of alternative that MIGHT just get closer to a more fair and just society. I suppose it is just a matter of where you want capitalism’s shit to lie and I presume that is a case of not in my backyard.
You do know that Doug Henwood is socialist and runs one of the major left listservs in the US, right? The complete collapse of the economic system with no obvious replacement would lead to chaos and death that made any previous upheaval look like a picnic. That’s no solution.
wow, i thought i was the one who first described the liberal nihilist!
actually, i think that credit goes to voltaire. if we quit making the perfect the enemy of the good, there’d be a ton more good on the ground to spread around.
I generally like Rushkoff but that piece was the stupidest thing he’s ever written. One question, Doug: when the economy collapses and eveyone goes back to dirt farming, how will fringe writer/podcaster types like yourself make a living? Be careful what you wish for.
I don’t think anyone really wants a collapse, just a return to sanity. Proper regulation of the banks, put all the damn crooks in jail. I am not a fan of excessive taxation or regulation on industry, but it seems we can’t regulate the money changers enough!