Wednesday, April 22, 2009

Things Were Pretty Bad Before The Crisis...

In all the talk about the economic crisis, a fact that get overlooked, one that I think may well prove to be the reason that this recession is fundamentally worse (i.e., harsher, deeper, more prolinged, likely to never truly end, etc.) is that we were already in dire straits:

The recession in Flint, as in many old-line manufacturing cities, is quickly making a bad situation worse.

Most of the coverage in the papers is by (and for, in the case of the NY Times) people of means -- people who had largely escaped the slow decline of the American economy for the previous decade or more.

The recession simply made real to the richest Americans what was long real to everybody else: we had built an economy that was failing to meet the needs of the society it was supposed to serve.

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