Friday, August 09, 2013
Washington Post columnist talks about America's "Bubble of Complacency"; it can get personal
Michael Gerson has a valuable op-ed on p. A13 of the Washington Post, Friday, August 9, 2013, “America’s bubble of complacency”, link here.
Remember TARP at the end of 2008? Gerson argues that the Fed used “electronically printed money” to loosen credit and bolster investment principal values. (He didn’t mine bitcoins, where are gradually coming under more regulation.) The result five years later is apparently an inflated stock market, and bond values that are now sinking as interest rates must inevitably rise and as the Fed must eventually remove its artificial props for the bond market.
In the meantime, Gerson argues, underemployment continues. Working people can’t afford to have children and raise families.
And in certain sectors of society, crime grows more brazen as some people find the “rules” totally meaningless in their own social context.
This could be interpreted in a personal way. It could be taken to mean that people should experience service (and “the lives of others”) before they seek recognition for their own gifts. Oh, that sounds a little bit like Maoism. But I used to hear this kind of thing when I was coming of age, both in the Army and then started my own career in the early 1970’s, and learned how the “Left” then really thought.