The only comment that fits is this;
"Those who do not remember history are doomed to repeat it."
Everything we are seeing today we have seen before and every time we have a recession/depression of any magnitude the big banks eat the little ones..
The only difference today is that we have new ways of doing it and more importantly new terms to apply to it. Case in point, the Glass-Steagall Act.
Glass Steagall Act
Before the passage of the Glass Steagall Act there were problems with investment banks and savings banks being one in the same. After the passage of
Glass Steagall things pretty much ran smoothly, until the Clinton Administration when the Milton Friedman school of Free Markets finally held sway and
repealed the Glass Steagall Act.
Once the controls that separated these two type of institutions were removed, the problems they had eliminated started to return. And now, once again
the Depression has come to call. However, most people do not see that we are running over the same familiar track yet again, because the "Public
Education System" long ago removed the understanding of cause and effect from history and reduced it to the memorization of dates, names, and places.
If a student does desire to understand the cause and effect aspects of history he is forced to wait until after the school career is over since there
is no time to do so during his "education". Instead he must move on to the next set of dates, names and places to be memorized. After spending over
a decade and a half performing this memory ritual, whose pace is set so fast that retention of even those dates, names, and places learned is nearly
impossible, most students don't have the stomach for history at all. Those who do have the desire to understand this missing causality must learn it
for himself and on his own. The system that has been set up today can take the odd bird understanding without too much damage, as long as the vast
As for terms we have rolled out a whole new set of names for everything. Soup kitchens and bread lines have become EBT cards. (Food Stamps for those
who do not know; look ma no lines!) The "jobless index" refers now to those applying and receiving unemployment benefits, almost never are those
considered who have run out of benefits but remain unemployed. In the same way we have dressed up investments with no intrinsic value and called them
"Derivatives" and "Toxic Assets" to hide what they really are and do from the majority of the public. The funny thing with this is that most people
who understand what they are today are those who have suffered great loss (their homes and lifestyles), and therefore are now dis-empowered by the
very injustice and poverty they suffer.
In the days of the Great Depression we had no T.V. to distract us or inform us, and yet everyone was aware of the problems. People were riding the
rails, lining up outside businesses which were hiring at a greatly reduced rate, lining up outside soup kitchens and bread lines. The Depression was
there for all to see.
Today we have the T.V. to distract and inform us, but does it inform us? Those of us who are old enough to remember the Nixon days remember when it
did and most of us realize that it no longer does this. Why? Because all our Media is now owned by six corporations. Twenty years ago the media was
in the hands of approximately 100 different companies/persons, last year it was only five corporations who owned all the media outlets. The end
result, all news is reduced to manageable and short sound bite segments - sound bites, another new term - and when the tent cities or protestors are
shown, they are shown in a bad light and to further some corporate agenda.
In the Great Depression government spending was increased in an attempt to spend our way out of the Depression, it did not work then, it will not work
now. But if the people of the US had learned this in school instead of useless memorization and regurgitation we probably wouldn't have gotten to
this point. At this point we have finally seen from first hand experience that government spending is not the way out, but rather further in, but
wouldn't it be better if we had know that from our own past experience? Notice too that our second Great Depression comes when the only people left
who remember the first one from first hand experience are nearly 90 years old, and they were only children at the time so their experience was limited
to a child's view understanding. However that is of little consequence because in this country the past is a boor and our grandparents are not here
to be listened too.
edit on 7-10-2011 by Ittabena because: (no reason given)