Cognitive Dissonance

Watching the Money Burn

Call me sick, but as I sit here on my couch watching the banks and economic powerhouses implode, I can't help but feel a little bit of smug satisfaction. I seem to be enjoying this whole thing way too much, and I'm not fully sure why. Perhaps I simply enjoy a little chaos.

That may be the case, but I think that what I am feeling is a sense of justice being served, and of vindication of my own ideas. I have said for years, to my friends and acquaintances, and occasionally on this blog or others, that our economic system is corrupt. Our system is flawed, folks, and this is a symptom. The debt culture that was foisted upon us, spread to envelop every aspect of business, and combined with greed wrought the destruction that currently faces us; that culture still exists and will continue to do so even after the smoke from this crash clears.

And that is why I think this bail-out is a bad idea.

I think those banks need to fail. I don't say this out of a sort of misguided anger at the Wall St. wealthy (I have plenty of that, but...), I truly believe it is in the best interest of our nation to let that collapse happen. I know it will be painful if it does happen, I know that the shock of that collapse would resonate throughout the whole country. I know it is going to hurt, but sometimes pain is necessary for growth. Sometimes, pain is the only thing that will spur an apathetic populace into action.

It is my hope that this crisis will foster discussion among citizens and legislators. It is my hope that it will prompt a harsh re-examination of our underlying economic structure. Our debt-centric economy, plus an unrealistic valuation of property, plus the narrow-minded and short-sighted greed of the corporate institutions charged with the care and management of our collective wealth, all combined to bring this situation about. If we are to fix the problem, and prevent it from happening again in the future, we need to look past the band-aid solution and correct the underlying problem.

The conservative capitalist mantra, "Let the free market decide," is no longer valid. The free market has failed us, as it was destined to do. It is time to find another answer.

Any suggestions?

Labels: enonomics, politics, us