U.S. population is experiencing instability, inequity and insecurity not seen since Franklyn D. Roosevelt assumed the presidency.
It is difficult to ignore that manic quality of the stock market. The value of stocks climb up, only to plummet following the release of bad news.
The most recent declines in the stock market have been “explained” by certain experts as due to:
(i) the value of the Euro is plummeting due to the economic conditions in Greek Spain and elsewhere in the European Union;
(ii) the negligence, perhaps criminal) negligence of British Petroleum (and its contractors) is creating the greatest man-made economic disaster since Bhopal in the release of inestimable amount of oil into the Gulf of Mexico;
(iii) the regulatory apparatus meant to prevent such disaster failed to do its job, in part due to corruption:
(iv) tensions on the Korean peninsula has reached a level not seen since 1950;
(v) the Iranian “problem” continues to fester; and
(vi) Governments inability or unwillingness to address these and other problems due to a degree of partisanship in many countries and the lack of responsiveness by ruling elites who are not accountable to the people in whise name they purport to rule/govern.
But are the pundits correct? Perhaps the “market movers” are engaged in a herd behavior. Perhaps, if on a particular day, the DOW falls or gains 0.5% it should be closed down for the day as a means of controlling stock values moving in excess of the underlying economic conditions of corporations or the economy as a whole.
Most are familiar with the old saying that a “people get the government it deserves? Perhaps, but most people are not the people the product of inadequate education they and their children receive (except to the extent they refuse to provide schools with adequate funding, are uninvolved in their children’s education, and tolerate mediocre educators).
Perhaps the popular media is at fault since it largely refuses to examine complex issues in an informative manner. But should we expect anything else from profit-seeking media companies — who recognize that entertainment and not news is what draws audiences and thus advertising dollars? Would there be an audience for news shows and informed discussion on television? Yet, the people through their governments who owns the airwaves. Are governments demanding adequate fees for their use? Is corporate agency capture of the FCC the problem?
Within many countries, the role of money in the electoral process has increased the power of special interest lobbies. Is it a result of the decline of labor unions — the only group capable of opposing corporate power or the decline of political parties based on shared goals and values.
The situation is indeed troubling. In recent decades, productivity in industry has climbed, but median wages do not. After the recent financial crisis, we people wrong to save, rather than spend or invest their discretionary income?
While large financial institutions gets bailed out, but the percentage of persons living in poverty grows. Throughout the world, the ratio of the net worth of the wealthiest 10% share of the population grows in comparison to the rest of the citizenry.
Technology and business structures have modernized, but governmental structures have largely not. What should be done? Perhaps the growth of corporations and the reduction of business entities in certain sectors should make us re-examine the U.S.’s anti-trust, anti-monopoly, and anti-competition rules. The failure of the government to take action in these areas may play a major role in the economic insecurity we are experiencing.
