Tomorrow, the stock market will crash. The fact of this crash is already written in the future’s market, but the depth and duration of the coming recession it may herald is the realm of the astrology and numerology that is part and parcel with macroeconomics.
Like Krugman, I’d like to mark this point in time with another one:
“The Reagan-Bush years have exalted private gain over public obligation, special interests over the common good, wealth and fame over work and family. The 1980s ushered in a Gilded Age of greed and selfishness, of irresponsibility and excess, and of neglect.” —Bill Clinton, 1992
The “greed is good” of the 80’s has become resurgent in this decade under the banner of libertarianism. It has provided a rationalization for our irresponsibility with a wishful-thinking outlook via such self-deluding sloganeering as “socially liberal, fiscally conservative.”
And the cornerstone of this Economic Darwinism has been the myth of Reaganomics.
I can only hope that it is among the first casualties of coming recession.
[Bleeding hearts after the jump]
The bleeding heart epithet
I told someone recently that her bleeding heart was easily her best quality.
Somehow I feel we can not have too many “bleeding hearts” in our generation to undo the damage we have wrought with our own selfishness.
But perhaps, there can never be too many of them, whichever the generation?