(noon. – promoted by ek hornbeck)
In a Bill Moyers interview with Simon Johnson, former chief economist of the IMF and now a Professor of Global Economics and Management at MIT’s Sloan School of Management, Johnson expressed a pessimistic view of those empowered to lead us out of this economic crisis.
Johnson isn’t for “nationalization” per se, he’s for “scaled up FDIC intervention,” breaking down the “oligarchy” by pitting one faction against the other. Based on his analysis of who is holding the financial keys at the moment, he fundamentally believes that the people in charge of determining the outcome of the situation have a vested interest in not standing up to the banking interests and doing the things that need to be done. And that is not a comforting thought.
No. It’s not a comforting thought. There’s no comfort in knowing that Captain Geithner seems intent upon ramming into the same iceberg Captain Paulson rammed into, there’s no comfort in knowing only the elites will get to board the lifeboats, there’s no comfort in being trapped below decks in steerage class while all of this iceberg ramming is going on.
BILL MOYERS: So here’s the trillion dollar question, can Geithner, “really break with the vested elite that got you into this much trouble? Have you seen any evidence this week that he’s going to be tough with these guys?
SIMON JOHNSON: I’m trying to be positive. I’m trying to be supportive. I like the administration. I voted for the president. The answer to your question is, no, I haven’t seen anything. But you know, perhaps next week I will. But right now, as we speak, I have a bad feeling in my stomach. My intuition, from crises, from situations that have improved, the situations that got worse, my intuition is that this is going to get a lot worse.
How much worse? This much worse?
Like most Americans, I’m trapped down here in steerage, wondering how much worse this is going to get, wondering how fast this ship is sinking, bracing myself for more iceberg ramming as water pours through the gaping hole in that fundamentally sound hull the proud owners of the White Elephant Line told us so much about, listening to the orchestra playing “Nearer My God To Thee”, watching the fat lady singing the first stanza as the water rises up to my waist and the lights start going out and I sit here in the dark wishing I knew how to breathe underwater.
So . . . how is your day going?
Fear not. Defective life jackets will be going on sale soon at WalMart stores nationwide, Michael Phelps will be handing out bongs to the first 1,000 swimmers in the water, the Peanut Corporation of America will be handing out free snacks to tide us over the long swim to shore, and if most of us don’t make it, our friends at the National Funeral Directors Association will be offering discounted family rates for funerals.
Call 1-800-DISCOUNT now. Operators are standing by.
Or . . .
Call the White House at 202-456-1111 and ask the President to have a long and serious talk with Captain Geithner.