After international terrorism, multiple wars, domestic destruction, a sickening popular culture and a crumbling infrastructure, a financial meltdown is almost scripted.
The failure to pass the record $700 billion bailout in the House has been the headline and will likely control the news cycle for the remainder of the week. Meanwhile, others worry about what’s brewing beneath as the noticeably rising temperature of average Americans begins to steam.
A month of historic government interventions shows signs of triggering a political version of climate change – unleashing a new era of class fury that could hurt U.S. companies, business leaders, and wealthy investors for years.
“A potential calamity,” predicts Democratic pollster Doug Schoen. “If the reactions we’re seeing hold, we could have real spasmodic anger directed at businesses and corporations.”
It’s true, physical and online outrage is palpable. However, the anger was already present. The bailout was more of a catalyst than cause to the present general sense of outrage.
Remember LEO Weekly’s interview with journalist David Sirota? In June we talked to the author of The Uprising: An Unauthorized Tour of the Populist Revolt Scaring Wall Street & Washington, about the brewing revolt.
We asked Sirota why Americans were so pissed off. He said, “…they’re pissed off because they see a direct connection between the policies of the government and the current crises we’re living through — health care, energy, national security. People no longer see government as playing a passive role, but they actually see the government contributing to and creating the crises we’re now facing.”
Watching Congressional leaders and President Bush quickly turn the giant federal government tanker around to save Wall Street while it annually stalls, brakes and burns out on making health care universal, college tuition affordable and energy efficient is a reason to be pissed off.
Whether it will result in changes at the fundamental level is uncertain. This momentary frustration with the market could end up being just another temper tantrum by the poor, working and middle-class before returning to our prone position. (PB)