August 6, 2011 For the first time, the U.S. has been stripped of its AAA credit rating by Standard and Poor. The economy is like a zombie movie, only with worse acting. It is over. The recovery isn’t coming.
To anyone confused about how it happened, I recommend Matt Taibbi’s book Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America, which was published late last year. Taibbi shows that there was nothing random about the U.S.’s move toward a Third World economy, but rather a deliberate crime committed by a handful of robber barons — the “grifter class” — including Barack Obama. He describes Obama’s healthcare reform as a “grotesque give-away” to the insurance companies, in which people are forced to buy a product.
Taibbi’s reporting on Goldman Sachs, “a company of criminals” — originally published in Rolling Stone — is the final chapter of a book that is a furious and mournful epitaph for a murdered economy.
This book came too late to prevent us from driving off a cliff, but it ought to be read as we plunge towards the ground.