The New Millennium


It was a very, very frightful time.  We are told that this new century was the age of terror.  And it seems more and more that the foundation of capitalism was also threatened by mismanagement of business, with less and less governmental oversight.  The stories this week involved the FAA.  Last week it was a rescue of Bear Stearns.  The week before was it Elliott Spitzer?  The week before that it was Roger Clemens’ testimony on steroid use of his wife but not him.  The month before that was a rescue package for Countrywide and other mortgage backed securities to companies that had forsaken underwriting standards and fundamentals.  Then there was the fundamentalist president, with his vice-president showing disdain for public opinion.  “So?”   Inflation was at the grocery stores in 2008, as some kind of spillage or spill over from the cost of barrels of oil.  The dollar’s value was in free-fall, yet seemingly more available with the Fed lowering interest rates to avoid either panic or a sudden collapse of Wall Street.  Gradual collapse over time was more easily spun psychologically by a government going out of office.  It sure was starting to smell like the German economy after the Great War, the war to end all wars. 

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