U.S. Economy Wants to Go into a Depression

The U.S. economy really wants to go into a depression. How is that for an anthropomorphism? The point is that the financial system in the U.S. has almost unraveled several times, each time being rescued (temporarily) by the Federal Reserve System (our socialist central planning body). The problem with the financial system is partly that the real economy (where "goods" are created and sold) isn't creating enough income to meet the demands of the financial sector (which is, by its nature, parasitic on the goods sector). The failure to generate enough income growth (including job creation) is a key factor in the housing crisis, along with a failure of lenders to do due diligence (which is not uncommon among bankers and other bureaucrats). The problem is so severe at this point that simply using financial mechanisms is not likely to pull the economy far enough from the brink that it won't just make its way back to the edge again. The 2008 presidential election will be interesting, as it will be a sort of test of whether many Americans in the so-called red states, as well as red regions of blue states, care more about maintaining an antiquated caste system (and therefore voting for McCain-Palin) or are willing to take a chance with a brilliant and capable leader who has the potential to be great, not simply adequate and therefore might be just the right person for the times. My friends already know I'm skeptical about the willingness to go for the best and, if I bet on elections, I'd probably bet on McCain winning. In the event my instincts turn out to be correct, I seriously doubt the team that McCain assembles in Washington will be capable of dealing with this disaster parading as an economy (a product of eight years, almost, of absolutely abysmal, reckless, and spendthrift "leadership" and nearly three decades of reckless deregulation of financial transactions).

The interesting thing about this election is that, if young people were the only ones who could vote, Obama-Biden would win in a landslide. Since young people are going to inherit the mess that their elders (baby boomers and older) created, they have a vested interest in turning things around faster. I think most of them know that Obama-Biden are more likely to bring that about than McCain-Palin.