My father is no longer optimistic...

Had a long conversation with my father the other day. At 85, he remains one of the most intelligent men I know, and the only one whose predictions about the future are consistently on the money. This is unfortunate because he is (for the first time since I've known him) no longer optimistic about the short-term future of the nation.

In particular, it concerns him that the Baby Boom generation (i.e., mine) is now cranking slowly into old age. As a result of the financial crisis of a few years back, very few of them have anything like the savings required to provide for them, or to pay for their medical care.

This means, he says, that society is effectively passing the bill for that care to the younger generation. Now, in prosperous times, that would not matter. If we knew something like the wealth of the 1960s or 1950s, then young people could afford to pay the tab without suffering themselves.

The problem is that we are not prosperous. We are in a Depression, even if we call it a Recession. Further, after decades of offshoring, downsizing, and "right-sizing" that Recession is simply not going to go away in a hurry.

Ah, but there is more. There were a great many Baby Boomers (that's why we were called the "boom"), but we tended to have relatively small families. Our children and grandchildren, in turn, had smaller families still—often one child or none. This means that a large and aging population has to be supported by a smaller and (in fact) dwindling one.

Alas, we are not finished yet. That smaller population of young people is in the midst of a vast social-economic-industrial transformation. For the first time ever, white-collar jobs are being automated. Machines are taking the place of "brain workers." Quite simply, as a nation we are not going to have many of the well-paying professional jobs that once guaranteed the existence of the Middle Class.

Then, finally, there are our wealthy. If the last few years have proved anything, it is that our economic leadership is incapable of seeing beyond its own bank accounts. Our wealthy will do anything to save themselves a few pence, even if that means the total impoverishment of the rest of the nation. (Yes, I know what Libertarians will say in response to that. But it is true all the same. Greed is not always good. Free markets do not inevitably lead to prosperity. Someday, travel through New England or visit Detroit and look at the abandoned mills, the shuttered buildings, and the shattered lives…the fruit of Neo-Liberal economies.)

All of this together makes my father …unhappy. He worries about the world his son and grandson will inhabit.

Which troubles me no end. I am used to being a bit despairing myself. But not him.

When a man of his vast spirit is daunted, I am afraid.

BoA

Like everyone else I've been watching the slow disintegration of Bank of America with a mixture of astonishment and disbelief. First the bank imposes new fees on its customers for the use of debit cards and then, when faced with an overt customer revolt, basically does nothing except have its CEO issue a statement to the effect that BoA will do in what is in BoA's best interests, thank you very much, and if the customers don't like it, well, tough darts.

What strikes me most forcefully, though, is that this does not say good things about the general competence of BoA's management. Let us walk through the situation: in the midst of the worst economic downturn since the Great Depression, when nearly 10 per cent of the American people are out of work; when depositors are already rolling pennies to buy food; when the public's general impression of bankers is that they're unprincipled scum …

What does BoA do?

It happily plunges into a PR disaster and never even seems to notice.

Interesting.

Let's just say I'm not buying any BoA stock in the near term.

Wonders of Wall Street

Hi, everyone,

Well, I'm still not posting here as often as I'd hoped. And I still haven't completed my last entry on the New Mexico series from the summer.

But, like I said before, things are complicated. I'm working on four different book projects, teaching three classes, doing some freelance, and, occasionally, just as an exercise in futility, looking for additional jobs.

Which brings me to my topic for the evening. I've been fascinated by the way that the financial establishment has responded to the economic meltdown…which, by the way, was almost entirely its fault. The bankers and gurus and Wall Street wonders all plunged us into hell, and we've had to pull them …and us… out of the abyss with tons of money and lots of effort.

And, by the way, to keep the system running, all us normal people had to take major hits…which is why so many of us are out of work, and many more of us are under-employed, and we none of us are really happy about it.

The kinky thing? Go talk to some of the people who aren't working, and you'll probably find they blame themselves. God damnit, we say, if only we'd been smarter or worked harder or whatever, then we'd still have a pay check.

Which, of course, is absurb…because we didn't have anything to do with the crisis.

But, the people who did get us into this mess? The bankers and gurus and Wall Street wonders? The people who put us on the unemployment lines and destroyed a lot of lives and careers? The people who were at fault?

How do they feel about it?

Why they're just happy as a clam, thanks, and they're taking big money bonuses at tax payer expense and "economizing" by going to St. Tropez for only six weeks this year.

So…

To help me deal with my feelings regarding these people, I have made a little clay figure to represent them. See it?

Now, here's my response to their behavior.

SQUISH!

There we go. I feel much better.

Don't you?

Onward and upward.


Copyright © 2010 Michael Jay Tucker