Moral Outrage
Whew! God help us!

The Economic Recovery is not recovering

Does anyone ever learn from history, or care about how communities are being destroyed as a financial crisis becomes a social crisis at the grass roots level? Congress slashes funding for food stamps so the unemployed and poor –some 41 million people who rely on them– will have to cut back further.

All the talk by conservatives of cutting deficits  or by liberals of ending tax cuts  will not give the economy the boost it needs. And the public knows it, according to the recent polls. [As far as measures to boost the economy or cushion the financial system in future crises] Bloomberg News points out, “Many of the measures ordered by Congress and global regulators … are years away from being implemented.”

As for insuring the stability of an increasingly volatile system, will the new financial reforms make any difference? It doesn’t look like it. The New York Times reported, “As Wall Street scrambles to find the best and most profitable way to operate under the new financial reform law, Goldman Sachs Group Inc. – the firm that was expected to suffer the most under the legislation – could emerge practically unscathed…. We think we are well positioned to be a market leader under the new rules,” said Jack McCabe, co-head of Goldman’s derivatives clearing service business.

[Excerpts from an article by Danny Schechte]


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