(Published at Counterpunch.com) On the Wall Street Journal OPED page, James Grant– of the outstanding Grant’s Interest Rate Observer– writes, “Through history, outrageous financial behavior has been met with outrage. But today Wall Street’s damaging recklessness has been met with near-silence, from a too-tolerant populace.” (“Why No Outrage”, WSJ, July 19, 2008)
Grant is right, notwithstanding the near constant drumbeat from Counterpunch. If you live in Florida and have a sentient molecule in your brain, outrage can’t be buried too deep. Few, for instance, could have been surprised by the devastating critique in the recent Time Magazine cover story, “Florida, The Sunset State?” (Time, July 10, 2008).
Why no outrage? I suppose the best answer is that Americans have become resigned to passivity, allowing themselves to be dominated by elites in ways both subtle and dramatic. Read the rest of this entry »