No Longer King of the Mountain
Where has the middle class gone? Will the Fed ever bring forth a policy that works as well for Main Street as it does for Wall Street? It is as if we have railed against a welfare system for single mothers and disabled adults, but we have no problem financing trillions of dollars to insurance executives and boards of Wall Street corporations.
Can we imagine a world where the government is not frightened by companies that are "too-big-to-fail?" Too big to fail is a new system of corporate giants that are richer that the governments that they operate within.
What does it mean to finance a bank if that bank does not extend credit to homeowners and small businesses? A recent article on the Huffington Post says the following: "The rising tide the Fed ushered in with hopes that it would lift all boats hasn't materialized. Now, on the verge of another round of asset purchases and other steps in order to further bring down the cost of credit, questions are being raised over just who, exactly, the Fed would help."
With unemployment still at recession heights, it is hard for Americans to understand that we are coming out of the recession, but will do so at the expense of continued high unemployment. The only way that we can digest such facts is to believe that we are moving to a climate in America where the gap between the rich and the poor seems to be widening. If we start to say that the economy is recovering but we have lost 10 to 17% of the population to abject poverty, perhaps homelessness and no social net to collect the people who are taking the hard falls.., then we are accepting an America that is headed toward a large population living in 3rd world conditions.Continued on the next page