Thursday, November 10, 2011

Good read ...

Ted Frier at TGUAR:

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When an entire society lets wishful thinking and inflated dreams get the better of it, that society will behave like an army of Sisyphuses pushing that rock up that hill as it liquidates everything it owns - literally betting the farm - trying to cash in on an asset whose value only seems to be endlessly ascending.

But just as it took an entire society to push that boulder up that hill, if we are to prevent the society from fracturing over the destruction to savings, jobs and lives that these speculative manias can cause, then the wounds to all members of society must be taken into account once that rock begins to roll back down the hill, as it inevitably must.

Proof we are failing at this important task is that we're not heeding the good advice of people like Lauri Goodman's but are instead pointlessly picking fights among ourselves over distractions like envy, greed and divisive "class warfare." And once again, the worst offenders are mostly on the right.

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