I don't have much to say about the resignation of the Governor of New York, Eliot Spitzer, except this: the folks running the US seem to think nothing of tossing $200 billion into the markets to cover greed-inspired garbage investments, an action that did little more than create a one-day rally. $200 billion would have fed and clothed so many people. It could have paid for the education of much of the US underclass. It could have made many cold people warm. And there's enough disposable cash in the pockets of that elite to pay hookers $4500 a pop, as though that's the action of a sane man.
And these are the same people who say there's no inflation.
For these people -- everyone from the driver of the Porsche who cut me off this morning from the right as he raced toward Parliament Hill to the M&A folks, the idjuts at Google who think Yahoo is worth $50 billion, the media owners who have gutted the newspapers, to the Freedom 55 crowd who peddle the idea that every pencil-pusher deserves to spend twenty years on a Dominican beach and the pols who see ad pitches as the solution to all problems -- here comes the reckoning.
It's been a whole generation -- 25 years -- since the last really tough recession. The one being generated by the collapse of the $7 trillion derivative racket, the gutting of North American industry and the greed of the over-mortgaged consumer will make the early 1980s look like a cakewalk.
God help anyone who gets elected this year.