"I've been through Y2K and I've been through 9/11. I have never seen people so afraid as what we are seeing right now,” said gun shop owner Scott Moss recently. With more guns per capita – easily 250 million privately owned ones – and certainly more people in prisons than any other democracy, the intriguing question in this still worsening economic calamity is: If Americans found the courage for political rebellion now, would it preempt massive criminal violence, social havoc and armed rebellion later?
What we see President Obama and Congress doing and debating seem inadequate to restore financial health and security to the vast majority of Americans before millions more lives are devastated. Billions of tax dollars have gone to banks, corporations and others but have not stopped the hemorrhage of our financial lifeblood. More than half a million jobs continue to be lost a month; 3.5 million in the past year. Millions are losing their homes, health insurance and ability to buy food. Those with jobs are afraid to spend money.
As Nobel Prize winning and eternally gloomy economist Paul Krugman said the other day after condemning what is going on in Washington, DC: “the economy is still in free fall” and we may be “falling into an economic abyss.” Harsh words for a harsh reality.
Recently, President Obama said: “A failure to act, and act now, will turn crisis into a catastrophe.” But what really matters is exactly what actions the government takes and whether they are what is needed. Besides, about the same time, his senior advisor David Axelrod said on television that “we have an economic catastrophe.” For most Americans, catastrophe seems more accurate.
Meanwhile, the elite Upper Class that stole the nation’s wealth in recent years with their greed and political clout, and destroyed the global economic system, are still sitting pretty in their McMansions, penthouses, private jets and yachts. They still enjoy their $50,000+ cars, still wine and dine in incredibly expensive restaurants, and still retain more wealth than ordinary people can imagine. Brioni men’s suits for $40,000+ are selling fast.