Asian and European securities markets closed up more than 2% last night, and US markets opened more than 2% above Wednesday's close. Transcripts of CNN financial reporter Christine Romans' comments on the meaning of it all are not yet available, but I can say that they were obtuse, disgusting, and blind to reality. Two days have passed since the Congressional Budget Office confirmed what was no secret to anyone who cared to inquire: the rich have appropriated virtually all of the new wealth created in the United States since that appalling fraud, Ronald Reagan, was swept into power in 1981. But to Ms Romans that is Tuesday's news; it no longer describes reality. Her report this morning was a giddy celebration of the markets' confirmation of the strength of the US economy.
Many American suburbs have become depopulated and shuttered ghost towns; millions of citizens have lost the economic basis for the self-esteem that defines the middle class; state, cities, and villages are literally bankrupt or are on the edge, and an empty vessel with a job on cable is looking at a day in the life of capitalism and concluding that the economy is strong!
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