On Second Thought...

See, this is what happens when I decide to look on the bright side.

Although I still support the positions expressed in my previous post, my optimistic view has been hijacked because I read about our financial mess. The book is called Griftopia, by Matt Taibi. I have never read a more anger-inducing book.

Now, all those other issues seem like window dressing. Important, yes, but ultimately small compared to ridding our country of the kinds of habits that have turned our financial structure into a house of cards in a ceiling-fan store.

Griftopia takes a very detailed look at the financial crisis of 2008 and how financial institutions ruined so much (it will make you ill); explains the systematic dismantling of regulations designed to enforce responsible practices (it will make you mad); details the irresponsible habits of state and local government (it will make you so very sad); and generally and thoroughly documents what is going on every day (it will make you spit).

I literally had to go on an "angry walk" after every chapter. I coined that phrase for just this book. I read entire chapters to Jen out loud. You have never seen so much head shaking or heard so many pained sighs.

The people who had a hand in the outright theft performed by our financial institutions should be in jail. Still, we are left with a mess whether they are in jail or not. The damage is done, but I'm not sure we have learned anything. By all indications, they are back to financial trickery and used the bailout money to build a bigger house of cards.

I am no Tea Partier, but I get the anger over financial irresponsibility. The problem with that movement is that it over-simplifies solutions. The biggest problem with this mess as I see it is that there is no clear solution. A deep understanding of the root-causes of this mess only lead to a deep foreboding.

No, this is beyond cutting budgets. This is beyond earmarks or such other political shrapnel. This is a problem so ingrained that every proposed-solution seems unrealistic.

I have asked myself many times whether this is simply the knee-jerk reaction of reading an inflammatory book or whether my reaction is merit-based. My conclusion? The book isn't as inflammatory as the facts it gives. I even disagreed with many of the author's conclusions. I even disagree with some of his inferences. However, the facts are there. And, although I do not choose to draw an exact conclusion, my own conclusions are not pretty either.

Now, everywhere I look, there are only more signs of cracks. The 60 Minutes segment I posted above will make your blood go cold. The book describes even more desperate measures being taken by various cities that make them seem like junkies pawning a blender to score $5.00. The best example was the City of Chicago selling its rights to collect its 36,000 parking meters for the next 75 years. All for quick cash now. It fixed a budget hole for one year.

The amounts of unfunded obligations are astounding. I do not know a solution, but things are going to have to get very painful and our sense of entitlement will have to be tested to the limit. None of this is far off. I am starting to see 2008 as merely the initial reaction of hands without callous. The next few years will beat those callouses into us, whether we like it or not.

I am not going to blame this on any one administration or any particular point in our history. Greed, irresponsibility and foolishness like this runs very deep. This isn't political at this point. It's bigger than that.

I really wonder what things will look like in 10 years. Hope may not be lost, but I think the status quo is about to leave permanently. Leaders will have to step up and do things that are VERY unpopular.

Oh yeah... one more thing for those who just have to have an overly-simple catch phrase: we cannot cut taxes every election cycle and also have nice things.