Monday, June 02, 2008

quote of the year

From Peter Daniels's excellent review of Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism by Kevin Phillips:
American capitalism once prided itself on the accuracy of its economic statistics. An alphabet soup of regulatory agencies carried out this work. During the decades of the Cold War, the spokesmen for big business always pointed to the mockery of economic data produced by the Stalinist regimes as one more proof of the superiority of the profit system. Today, however, the growing crisis is producing a historic reversal. Where American capitalism once required accurate data, today it requires lies.
Put that on your email signature and see if it inspires questions or conversation...

4 comments:

Anonymous said...

There's a meaningful difference between government statistics about the economy and "American capitalism."

matt said...

Congratulations, you get two awards tonight: (1) The "I haven't read the book but I'll say something that sounds clever to me even though it shows I completely missed the boat" award, and (2) The "I'm remaining anonymous for no good reason" award.

Renegade Eye said...

The parts of the world economy are married. Never before has economic news had a domino effect.

Anonymous said...

I had hoped for one award. But two?

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