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Giles Slade

Giles Slade

Posted: December 22, 2008 09:37 AM

Free Fall: December 2008.


I'm writing this because I know people will look back sometime and wonder, 'What were they thinking? What was it like?'

I don't pretend to be H. L. Mencken, but I want to make sure I knew. The beauty of the Internet is that whenever I'm wrong, someone will happily tell me. (Although sometimes too, people will say this even when I'm right. Either way, this document is incomplete without your comments, so for-god's-sake write some. Please don't leave me falling alone through cyberspace.)

Here, at the end of the Bush years, the bottom has suddenly dropped out of the world just like this summer's bad remake of 'Journey to the Center of the Earth'.

The Presidential election brought no resolution. Americans are still in mid-fall, struggling to stay upright and wondering when it will end.

No one wants to say this financial crisis may last for years, but that's our deepest fear. As we tumble down the elongated shaft of the global economy like astronauts falling through space, our stunned faces ask: 'where's the ground?' Nothing below us is visible.

It began with the greed of our financial institutions, but irresponsibility, not greed, is this moment's main theme: inflated greed bred catastrophically irresponsible corruption more widespread than anyone imagined possible.

This week's flavors -- Blago and Madoff -- are only symptoms of our irresponsibility to ourselves. No one was willing to admit that something too good to be true wasn't. And now, in a time of need more extreme than any since the Great Depression, we wait again not wanting to say that if the fall doesn't kill us, we may encounter monsters worse than anything Jules Verne could imagine.

I say this because -- together -- climate change and national poverty will bring drought, mega-fires, famine, and disease: all of the horsemen.

How did it happen?

Well -- irresponsibly -- our politicians accepted money from lobbyists and then removed the safeguards that restrained lending institutions. Suddenly there were higher revenues born of easy credit and this spurred decades of growth...

But then, widespread bad debts created shortages of money which in turn created steeply declining consumption.

Manufacturers' supplies backed up from the lack of demand and this restrained production. Jobs were lost and less production meant less demand for energy so oil prices fell.

Hell bells, the price of everything fell.

Retail outlets this December are desperate to sell goods. Weeks before Christmas-Hanukkah you can get 25% off anything at most outlets. If you had the money and wanted to risk committing yourself to payments, you could get $1000 back for buying a new car with 0% financing over the next three years.

A dealership in Belgium is giving a free compact to anyone who buys a sedan. But there are few takers.

Not many people want to assume the personal responsibility of a large, bad debt in a bad time. They have loved ones, families, mortgages. They need to hold onto their shelter and put food on the table, if they can: (a big if these days).

For politicians and financiers though, responsibility is a less tangible thing. In our world, a professional entrenched in a faceless system of other professionals is rarely accountable.

For instance, power brokers at the top of a political food chain can line their pockets with impunity while weakening their temporary administration with bad appointments who are willing to pay. Everyone involved will cover for the dishonest bribe-taker rather than risk exposing himself, and -- of course -- law enforcement is usually reluctant to turn on its own masters.

Last week, a dishonest pol was caught stuffing his pockets with payola. Blagojevich's lack of responsibility is Rabelaisian: there's no sense of shame at being caught. He's decided his own best interest means hanging onto office until he can bargain for a reduced sentence. Dynamite won't get him out of there.

Similarly, if you make money by encouraging people to assume bad debts, the debts are then packaged and spread across a faceless financial network. This doesn't make you less culpable, but it does remove personal consequences.

The size and complexity of our society, therefore, removes commitment, and engagement, the human forces that inhibit greed. And since size and complexity also remove the possibility of punishment, people become free to act irresponsibly.

-- And now everybody within clicking distance knows what a cheerful son-of-a-bitch I really am. So Merry Christmas-Hanukkah to you all and...

Humbug to 2008!

I'm writing this because I know people will look back sometime and wonder, 'What were they thinking? What was it like?' I don't pretend to be H. L. Mencken, but I want to make sure I knew. The beaut...
I'm writing this because I know people will look back sometime and wonder, 'What were they thinking? What was it like?' I don't pretend to be H. L. Mencken, but I want to make sure I knew. The beaut...
 
 
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HUFFPOST SUPER USER
oxygen
love is like oxygen
12:26 AM on 12/23/2008
Inner sense or .... non sense

I don't care if we are starving ourselves to death and the economy totally collapses - we must not let cannabis become legalized again or taxed as it will be the worst monster ever to choke our great christian society - look what it did to our grandparents - let's be intelligent about things now -and respectful to our roots and the three magicians from the east with their sacred in-cense

all hail the wise and all powerful government and it's ownership of our bodie$

http://en.wikipedia.org/wiki/Hemp_oil
10:49 PM on 12/22/2008
I have not seen it written anywhere yet and if somebody has please correct me but, it seems that the American Model of continual growth is at the root of may of our collective problems. Global warming is a direct result of progress and continual growth on the back of the environment, that was fueled by lunatic financing to spur progress and continual growth. It seems this model of growth has to stop. There has to be some way of balancing that I just don't see being written or talked about by anybody in positions of power. Mother Jones is the closest I've seen, but jezz, we need a whole continent going Mother Jones way.
07:10 AM on 12/23/2008
Human survival is not a politically correct talking point (yet). People are into procreation and the freedom they enjoy when it comes to spitting out one baby after another. Think about it. Your grandparents are COUNTING on you to reproduce enough kids to support them in their old age. This creates population growth on a logrithmic scale that will reach critical mass very soon. Enjoy the fireworks. I give us until about 2015, then all hell breaks loose.

You think that movie about us eating our dead was a joke. Think again.
06:21 PM on 12/23/2008
Yeah, may I immodestly recommend Chapter One of my own book, Made To Break, which describes the invention of repetitive consumption by manufacturers in the early 20th Century.

It is this force fed model of consumption that relies on perpetual growth that has brought the world to the environmental and financial crises we now face.

Perpetual industrial growth is unsustainable because resources run out and waste and pollution overwhelm us. But this year we're learning that perpetual force-fed financial growth is unsustainable also.

We have pursued both irregardless of the consequences. We have become addicted to growth and now we're going cold turkey and being forced to clean up. There were warnings, and although some of us listened, we didn't change course. Now we have to tough it out.
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tcagle
Solar and wind energy consultant
02:51 PM on 12/22/2008
In past failures, we in the US have always had something to fall back on, some strength strength in our business sector, some foundation of our nation to hold us up. Now when we say, "At least our ________ is doing well." there is nothing to fill the blank. We have screwed the pooch this time.
06:03 PM on 12/22/2008
One of the things I love about America are vividly descriptive phrases that are really precise.

You couldn't say or write 'screwed the pooch' in Canada. Girls' noses would wrinkle and people would cross to the other side of the room.

Doesn't matter that it's true, you just can't say it. America though is vastly more poetic and colorful and that's why I like it so much. Canada never had a Whitman or Ginsberg.
06:43 PM on 12/22/2008
And they don't tip either!
DIdaho
Born in the Air Force (Texas), moved to Idaho in 1
12:54 PM on 12/22/2008
I don't know what politics specifically enabled it, but I know when and how this started. Around 1981, virtually everybody in the commercial loan department at my (then) local bank changed. The loan officers were now paid based on commission, so the entire emphasis was to "sell" loans. The bigger, the better. The loan officer got paid on origination, not on repayment. The "good" businesses that did not want to over-borrow got left in the dirt and ended up having to compete with, basically, crooks - "businesses" who borrowed thousands and millions, made no money in the industry they were in, paid themselves huge amounts so didn't care when the business went bankrupt. Decent, honest businesses could not compete with this avalanche of "free" money, and in quick order those committed to being good stewards were replaced by those willing to say anything to inflate a quick return.
05:58 PM on 12/22/2008
'81 was the very beginning. President Regan's administration softened the rules to lending institutions and as the loan process became more aggressive de-regularization increased with each succeeding administration.
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11:54 AM on 12/22/2008
Is it any surprise that, in a world where everything is for sale, "take the money and run" is the prevailing ethic? That's what Americans believe in. Among addicts, the shared ethic is that we can keep using our drugs so long as we can keep paying for them. It's not a problem so long as we can "afford our habit."

The question is whether new leadership can dig us out of the hole the GOP has put us in. If so, unfortunately, we shall forget all about our habit of living beyond our means because now we can afford it again.

People know there's more to life than that. But under capitalism, unrestrained, going along to get along works most of the time, so it takes exceptional leadership to resist the lure of feeding our greed. It's not as if this is a new problem. It's that no one wants to take the lead in addressing it. So long as the electorate is willing to sell its vote to the highest bidder, we will stumble along, hoping to be able to recover from collapses...until the collapse comes to show us our limitless appetites face and world of limits.
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HUFFPOST BLOGGER
Stephen C. Rose
Fulltime writer, blogger, thinker, activist.
11:52 AM on 12/22/2008
Equal Salaries for Equal Work? Dream On. http://stephencrose.wordpress.com/2008/12/22/equal-salaries-for-equal-work-dream-on/
HUFFPOST COMMUNITY MODERATOR
WorkingClass
10:56 AM on 12/22/2008
The human race is about to experience a huge set back in terms of its numbers. If we do not become extinct our remnant will have an opportunity to evolve. As a species we must either find a way to escape this planet and populate the greater cosmos or find a way to live compatibly within the existing planetary life system. As matters stand we are like a tape worm, trapped here, expiring with our host. Merry Christmas.
12:05 PM on 12/22/2008
Jesus! I thought I was morose...a tapeworm?

I prefer to think of us as clever and ravenous Ravens. But then I live on the Northwestern (Southwestern, actually, where I am) coast.

Bill Reid the Haida artist has a story about the Raven-trickster who sneaks into a village of men nightly and eats the right eyeball of each villager over a long winter until all of them can only see in a one dimensional and biased way.

This is what happened. Our world is out of balance.
HUFFPOST COMMUNITY MODERATOR
WorkingClass
05:12 AM on 12/23/2008
I knew nothing of Bill Reid. Thanks for the introduction. By the way - I am losing the sight in my right eye.
10:30 AM on 12/24/2008
More true than most realize. That is why space exploration is not just a fluffy exercise in warm fuzzies. It is critical to our survival as a species.

BUT - I do not wish for our wickedness to be spread throughout the "cosmos." And I suspect that whatever supreme being or universal force exists would feel likewise.

So... and this is just a hypothetical musing hypothesis based on philosophical reasoning:

Maybe we as a species will not be "allowed" to break the bounds of our planetary host UNLESS AND UNTIL we learn to treat it with care and respect. Once we pass that test, we may acquire the necessary lessons for life beyond the Orb called Earth.

Until then, we are destined to existence as we currently know it. What a great reason to overcome our pettiness. There is a universe of possibilities, and we are stuck cannibalizing one another for the sake of worthless material greed.