Re: Lost It With Glenn on This One
I think Glenn Loury made very good points when he was talking about the economic crisis. The last five minutes of this diavlog gives something to ponder. So far the economic crisis is playing out according to Hoyle. We are currently in the ‘rush to find those to blame’ phase, to be followed shortly by the ‘punish the innocent phase‘.
However, while Glenn Loury praises the high rollers for bringing us the last twenty years of prosperity, I tend to believe that conspicuous consumption, in which we all took part every time we tanked up for less than $1.00/gal, is at the root of this collapse. True enough, consumption is a necessary attribute if one wants to live in a vibrant consumer society. But decadent conspicuous consumption, or to give it a fair label --gluttony, is a precursor to demise. Reverent J. Wright was quite correct, in this context, about America’s chickens coming home to roost.
This crisis is about greed gone wild, that‘s true enough; but not greed gone wild on Wall Street. To find the root cause of this world wide mess I would suggest that we Americans need go no further than the short walk to our bathroom mirror.
There is a way out of this mess though, but it involves harder work for lesser pay for many generations to come.