"Depression" Political Economy

I want to own up that i have been depressed about the state of the world. Some write to reduce the frustration. I retreated into a cocoon. That's why I have not been writing much.

My first item on my "depression" agenda remains how the public's rescue money has been misallocated enabling a few on Wall Street to benefit unfairly. Let me be clear, I have no problem with the idea that a massive amount of public money was required to keep the system from sinking, but I have a very serious problem with the way that money has been spent or misspent. Let's not forget, Wall Street was an accessory to the disaster. Yet the "masters of universe" remain at their helms with no one at such firms as Goldman Sachs or Morgan Stanley getting the pink slip. Those who did were mere foot soldiers carrying out orders.

Paul Krugman, Joseph Stiglitz and a number of other writers have been very good in hammering on this issue. To no avail.

I read jumbo-size bonuses are being handed out on Wall Street. Uncle Sam appears willing to sell back to Wall Street various options at below market prices. If I didn't restrain myself, I would become mad.

I have written in the recent past that USA is becoming more like Thailand or Argentina in terms of lousy public governance with a small number of elite, in and outside of the government, often committing acts against public interest. I have not changed my view. And that depresses me.

I am also depressed by the state of US politics where the Republican Party has descended into a party of ignoramus, bigots and radicals. That party of Lincoln, Eisenhower, Rockefeller has been transformed beyond recognition. I am an independent, and I believe in checks and balance. That can only come about if there is an intelligent opposition.

I don't see that in the US and I don't see how GOP could get a total makeover to return to its former self.

And that depresses me.

I haven't even started on how badly the war in Afghanistan is going and how it will get worse with more lives wasted uselessly.

Soon, I keep telling myself, I need to write about the Republican Party. Soon.