It is simultaneously one of the most interesting and most scarifying articles I've read on the current state of the economy.
As complex as all the finances are, the politics aren't hard to follow. By creating an urgent crisis that can only be solved by those fluent in a language too complex for ordinary people to understand, the Wall Street crowd has turned the vast majority of Americans into non-participants in their own political future. There is a reason it used to be a crime in the Confederate states to teach a slave to read: Literacy is power. In the age of the CDS and CDO, most of us are financial illiterates. By making an already too-complex economy even more complex, Wall Street has used the crisis to effect a historic, revolutionary change in our political system — transforming a democracy into a two-tiered state, one with plugged-in financial bureaucrats above and clueless customers below.
If you are feeling too optimistic, too upbeat about the current state of affairs, this article is a good antidote. It's something to read while our society self-destructs.
tagged: economy, Rolling Stone, Matt Taibbi, economy, recession, AIG, bailout