Thursday, September 18, 2008

Meyerson: "what good was Lehman Brothers, anyway?"

I've been an admirer of Harold Meyerson's writing for several years now, ever since he took the time to personally respond to an email inquiry I'd sent him.

I don't now recall the topic, but I do recall his graciousness in responding.

And, in addition to being a gentleman, he is also a reliably progressive and sane commenter on the national stage.

His column in today's Washington Post may, if read and understood by the right people, may be the most important he's ever written.

Someone needs to invest in the United States of America. For the past decade and, in a broader sense, for the entire duration of the Reagan era, both government and Wall Street have opted not to. Should Barack Obama win, the era of neglectful government will probably come to an end. No matter who wins, Wall Street is vanishing before our eyes. And by the measure of their contribution to America's economic strength and well being, both Reagan-age government and Wall Street's investment banks plainly deserve to die.
I give his conclusion here, but his arguments and historical analysis are important for a more thorough understanding of our problems as well as an understanding of why Barack Obama (barring a believable McCain renunciation of Reaganomics, yeah, right) must be elected if we are to overcome and avoid further exacerbating and repeating the mistakes leading to the recent financial let down.


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