Archive for the ‘Wall Street’ Tag
America’s so-called Tea Party movement has been a fixation of pundits both left and right for many months now. It got considerable credit for one of the biggest electoral turnabouts in a long time. But elusive, it seems, is who or what exactly constitutes this gathering storm of grassroots rage. And is it worthy of serious attention?
If a recent spate of coverage digging deeper is an indication, the answer is yes, although nobody has quite been able to say what the movement portends. Angry populism is an age-old theme in American politics. What is intriguing about the contemporary manifestation is that it seems to be as incoherent as it is alarming.
In a lightning rod of an Op-Ed this week, Robert Wright pondered whether Joseph Stack, the anti-tax crusader who piloted a suicide mission into a Texas office building, could be considered “the first Tea Party terrorist.” He also wondered about how “purely conservative” the Tea Party movement actually may be. “Yes, it mobilized against a liberal health care bill and the stimulus package, but it also opposes corporate bailouts,” Wright noted. “Sure, Tea Partiers hate taxes, but that alone doesn’t distinguish them from many Americans. On social issues the Tea Partiers include some libertarians along with a larger number of family-values conservatives. And when you move to foreign policy, things don’t get more coherent. Though some Tea Partiers are hawks, many follow Ron Paul’s lead, combining a left-wing critique of military engagement with a right-wing aversion to the United Nations and other multilateral entanglements.”
A lengthy dispatch from New York Times investigative reporter David Barstow earlier this month cast light on the rising fringe of the movement: “Urged on by conservative commentators, waves of newly minted activists are turning to once-obscure books and Web sites and discovering a set of ideas long dismissed as the preserve of conspiracy theorists, interviews conducted across the country over several months show. In this view, [President] Obama and many of his predecessors (including George W. Bush) have deliberately undermined the Constitution and free enterprise for the benefit of a shadowy international network of wealthy elites.”
Maybe it’s just that tough times in America call for a tough kind of paranoia. As Barstow further considered:
Enter the Oath Keepers faction of the movement, a loose-knit group of military and law enforcement officials who vow to disobey orders they deem unconstitutional — and to mount violent resistance to the U.S. government if necessary. Reporting for the latest issue of Mother Jones, Justine Sharrock trailed the Oath Keepers for months, also encountering a murky organization and ideology. “Oath Keepers is officially nonpartisan, in part to make it easier for active-duty soldiers to participate,” Sharrock explains, “but its rightward bent is undeniable, and liberals are viewed with suspicion.” Yet, some of the group’s objections to federal power would seem to align them directly with the fiercest critics of the George W. Bush government. Oath Keepers keep a list of orders that they should refuse to obey, according to Sharrock — including conducting warrantless searches and holding American citizens as enemy combatants (e.g. José Padilla) or subjecting them to military tribunals.
A popular T-shirt at Tea Party rallies reads, “Proud Right-Wing Extremist.”
It is a defiant and mocking rejoinder to last April’s intelligence assessment from the Department of Homeland Security warning that recession and the election of the nation’s first black president “present unique drivers for right wing radicalization.”
“Historically,” the assessment said, “domestic right wing extremists have feared, predicted and anticipated a cataclysmic economic collapse in the United States.” Those predictions, it noted, are typically rooted in “antigovernment conspiracy theories” featuring impending martial law. The assessment said extremist groups were already preparing for this scenario by stockpiling weapons and food and by resuming paramilitary exercises.
“In the months I’ve spent getting to know the Oath Keepers,” she reports, “I’ve toggled between viewing them either as potentially dangerous conspiracy theorists or as crafty intellectuals with the savvy to rally politicians to their side. The answer, I came to realize, is that they cover the whole spectrum.”
Haiti’s devastation, now almost a week since the big quake, continues to saturate the media. It’s a lot to sift through and absorb; here’s where I’ve posted a handful of the most compelling links I’ve come across in recent days. For more, see Robert Mackey’s skillful curation over at The Lede blog.
One consequence of the historic disaster has been the burial of other developments that normally would’ve (and should’ve) been bigger front-page news:
Blackwater still gets away with mass murder in Iraq, despite that three of its security personnel present at the notorious events three years ago testified to what they saw as wanton killing and cover-up. “All three were horrified by what they thought was an unprovoked attack in 2007 that left 14 Iraqi civilians dead,” according to previously sealed court documents described by the Washington Post. Their testimony further confirms the war zone “horror movie” reported by others long ago. Five Blackwater guards on trial for the attack walked at the beginning of this month, acquitted on procedural grounds.
Wall Street’s top moguls sell Congress some shameless rationale for America’s historic financial meltdown. Testified Jamie Dimon of JPMorgan Chase: “My daughter called me from school one day and said, ‘Dad, what’s a financial crisis?’ And, without trying to be funny, I said, ‘This type of thing happens every five to seven years.’ And she said, ‘Why is everyone so surprised?’” (Without trying to be funny: Who the f—k is he kidding?) Testified Lloyd C. Blankfein of Goldman Sachs: “Whatever we did, it didn’t work out well. We regret the consequence that people have lost money.” (Hear them in their own words, here.) Meanwhile, pretty much everyone working for their bailed out firms is making out like a bandit.
Vancouver wins a key battle in its progressive war on drugs, with a top court preventing the Canadian federal government from shutting down the city’s officially sanctioned injection site for heroin and cocaine addicts. Probably not top story material, but a development of great interest to me personally; I reported extensively on the cutting-edge project from the streets of Vancouver — first in 2003, when the Bush administration angrily declared the policy “state-sponsored personal suicide,” and again three years later, when they were proven dead wrong by Insite’s indisputable success.
Also don’t forget that today is Martin Luther King Day; here’s a video clip of Robert F. Kennedy announcing King’s death by assassination in 1968. And always worth rereading, MLK’s landmark “Letter from Birmingham Jail,” from 1963. It continues to resonate in new ways with Barack Obama presiding in the White House.
My cover story for the July/August issue of Arrive is now riding the northeastern rails, a look at the nation’s economic crisis and the role of the financial media. CNBC’s Maria Bartiromo, the Wall Street Journal’s David Wessel and others ponder the end of days on Wall Street and what the American economy will look like on the other side of its most vicious hangover in decades.
CNBC has taken some big lumps this year for the behavior of some of its on-air personalities, perhaps deservedly so. But during a lengthy chat for the story earlier this year, after pushing past a bit of canned stuff, I found Bartiromo to be quite knowledgeable, engaging and forthright. And I happen to agree with her take on Jon Stewart’s big beatdown of Jim Cramer and CNBC back in March.
Will America’s investment banking sector soon be a miniature of its turn-of-millennium self? (And would that be a good thing?) Who are the most deserving villains in the blame game? Read on… Meanwhile, during a quick ATM stop at a Chase bank branch yesterday I witnessed an exchange that seemed in some small way encouraging — perhaps an indication that America has started to move beyond the denial/anger stage, and into the acceptance/change stage.
A bank employee was walking out just as a long-time customer was walking in. The customer asked the bank employee if in the past few weeks it had gotten any easier to get a loan. (The specific type wasn’t clear, though it was obviously either a home mortgage or small business loan.) “No, it hasn’t gotten any easier,” the bank employee said, with a cheery smile. “As you know, they’re asking a lot more questions now.” The customer smiled back, unfazed, and headed into the bank, paperwork in hand.
Will the outbreak of the H1N1 virus get historically serious? According to global health experts, the answer is that nobody really knows. Pandemics tend to hit in waves, and the biggest danger could come this winter.
For now the news media is maintaining its fever pitch as long as possible, of course, hungry to feast at the ratings trough. As one analyst told Howard Kurtz yesterday, “Cable news has 24 hours to fill, and there isn’t 24 hours of exciting news going on. If you scare people, they’ll tune in more.” Still, when flipping past CNBC on Monday afternoon I was a bit shocked to encounter the blaring graphic “Pandemic Pandemonium” accompanying a discussion about reaction on Wall Street. (In fact, the market barely budged early this week.)
Naturally, some news consumers are caught up in the hallucinatory chatter. From an inquiry to Bay Area physician and blogger Doc Gurley — posted, I kid you not, under the headline Swine Flu Sex? — on SFGate today:
My husband and I are trying to get pregnant. We’ve just recently “put the pedal to the floor” and are undergoing fertility treatment. Now I’m concerned that I may be putting myself and an unborn fetus at extra risk for the Swine Flu that is wending its way down the pipeline. Included in this concern is the fact that I’ve heard that anti-virus medications can adversely affect a developing fetus, which means it would be a lose/lose case scenario if I had the opportunity to prevent an imminent case in the future. Should we shelve this project for a few months or what?
Gurley replies that pregnant women do have “very mildly” suppressed immune systems. However, she continues, “The fact is, given the way the world (and media coverage) works, there will, undoubtedly, never be a time when the world looks rosy, all-welcoming, and risk-free. Yesterday’s potential nuclear annihilation is today’s swine flu. It’s a wonder, in fact, that any baby ever sticks its head out.”
If they only knew about the likes of AC360 or Countdown with Keith Olbermann.
Mexico, meanwhile, now suffers from a confluence of maladies. As GlobalPost’s Ioan Grillo reports from Tijuana: “Amid a U.S. recession, a fever pitch fear of the Mexican drug war and now an epidemic of swine flu sweeping across Mexico, Humberto Beltran says business at his border city store has nosedived 85 percent this April compared to the same time last year.”
From North America to the Far East, another pressing question has arisen amid the swine flu scare: Is it still OK to love bacon?
UPDATE: As of Wednesday afternoon the World Health Organization has raised its alert level, determining that a “pandemic is imminent.” So too is plenty more cable news yammer.
With the roughly 1,500-point rise in the Dow Jones average since early March, it seems investors have been dreaming about the good old days. This Bloomberg chart from last Thursday’s trading marks the apparent disconnect — you don’t have to be a stock market maven to sense that the dramatic rally will likely prove to be, in the parlance of Wall Street, the kaput kitty hitting the pavement.
Take your pick of grim indicators. For the last two months the Consumer Confidence Index has plumbed its lowest depths since its inception in 1967. As we learned Friday, the nation lost another 663,000 jobs in March, bringing the total to 5.1 million since the recession began in December 2007. Unemployment may be a lagging economic indicator, but there’s little to suggest that the wave is cresting or will be any time soon.
But the worst sign of all right now may be this: America is still stuck in the anger stage. Recently I overheard a classic strain of the outrage in a coffee shop in Noe Valley (hardly ground zero for hard times), in a conversation between two rather comfortable looking middle-aged adults. One was wailing away on America’s preferred punching bag, Mr. Wall Street Executive, for “raping the taxpayers” without remorse. His hair was so on fire that I feared his head might actually explode. Soon the talk hit on the hypocrisy of the Obama administration’s forcing General Motors chief Rick Wagoner to fall on his sword while Wall Street’s lords of finance so unfairly kept feasting on federal bailout funds. Somehow the disastrous story of the SUV-bloated American auto industry didn’t come up.
Indeed, we must also be in a recession of genuine awareness. While New York Times columnist Frank Rich can himself be shrill at times, he’s got it right regarding the continuing blame game:
Why is there any sympathy whatsoever for a Detroit C.E.O. who helped wreck his company, ruined investors and cost thousands of hard-working underlings their jobs, when there is no mercy for those who did the same on Wall Street? Might we, too, have a double standard? Could we still be in denial of the reality that greed and irresponsibility were not an exclusive Wall Street franchise during our national bender?
A prominent financial expert I interviewed last week for a forthcoming magazine piece on the economic crisis said to me at one point in our conversation, “Almost everybody who was part of the system failed.” He wasn’t only talking about Wall Street institutions, government regulators and the media.
Easily enough we get whipped into a frenzy over unjust executive bonuses or the sins of the media’s prime time ding-dongs. But what of America’s common financial lifestyle over the last two decades? As Rich continues, in answer to his own question: “Any citizen or business that overspent or overborrowed in the bubble subscribed to its reckless culture. That culture has crumbled everywhere now, and a new economic order will have to rise from its ruins.”
Even better put, it will have to be built from them. That will be painstaking, no doubt — block by block, brick by brick, as has been said by a certain someone. But right now, it seems, too many people are still standing on the outskirts shouting about who plundered the village, rather than heading into the collective rubble and really starting to pick up the pieces.
UPDATE: On a related note, Wall Street conspiracy theorists and/or Hollywood screenwriters will find plenty of grist in this Times front-pager on Larry Summers’ enriching hedge fund days at D.E. Shaw prior to joining Team Obama:
D. E. Shaw does not like to talk about what goes on inside its modish headquarters near Times Square. There, esoteric trading strategies are imagined, sketched on whiteboards and modeled on supercomputers by an elite corps of math wizards and scientists, most of them unknown to the outside world….
At Shaw, Mr. Summers, the professor, was often the student. The arrogant personal style that turned off some Harvard colleagues seemed to evaporate, Shaw traders say. Mr. Summers immersed himself in dynamic hedging, Libor rates and other financial arcana.
He seemed to fit in among Shaw’s math-loving “quants,” as devotees of math-heavy quantitative investing are known. Traders joked that Mr. Summers was the first quant Treasury secretary because he had once ordered dollar bills to be printed with the transcendental number pi — 3.14159… — as the serial number.
Paging Dan Brown and Ron Howard?
At hearings Wednesday on Capitol Hill lawmakers excelled at one of the things they do best: political theater. The outrage flowed, as Edward Liddy, the current CEO of American International Group, got grilled about the $165 million in bonuses going to a bunch of guys who helped bring the U.S. banking sector to the brink of collapse with immense and immensely reckless insurance bets. (A complicated scheme, but credit to President Obama, who did a decent job Wednesday morning of explaining in basic terms how they did it.)
To what degree Americans should be angry at taxpayer-backed AIG or our government leaders (past and present) is a murky discussion, but it’s clear that the level of outrage across the country is plenty high right now. (High enough not only to juice a show on Capitol Hill, but also some widely celebrated media blood sport.) What’s interesting to me at the moment is how a number of major news outlets have seen the popular discontent as an opportunity to highlight reader interactivity on the Web.
At the top of its home page Tuesday night the New York Times featured reader diatribes — treating them as news itself. “Some people are vengeful, calling for jail, public humiliation or even revolution,” reported A.G. Sulzberger. Over the last few days, “the most passionate voices, not surprisingly, could be found on the Internet — on blogs and discussion threads — in unusually bountiful numbers.”
On Wednesday afternoon, the Washington Post featured a round-up of its own reader comments, if not especially articulate or enlightening. (“Corporate and political self-seeking are devastating our families, our country, and out [sic] world.” Etc.) The Wall Street Journal’s home page gave top real estate to voices from the “Journal Community,” which tended, naturally, to reflect a constituency of a somewhat different kind. “The Obama administration is spending too much time and resources to go after this money,” scolded reader Craig Cohen. “The fact is, it will probably cost the US more money in legislative time, attorney fees, opportunity cost, etc to get these bonuses back than they are worth. But that doesn’t matter to the President. This is not about bonuses. It’s about class warfare. These bonuses went to the elite…. They must be punished!”
A key question on my mind is, how can media companies unlock greater potential with reader engagement and participation? It’s stating the obvious to say that there’s nothing cutting-edge at this point about letting readers loose with their opinions. (Put nicely, it tends to have limited value in unfiltered form.) Are there new ways to generate useful insight and information from the many smart readers out there, rather than just a lot of noise? This is an issue we grappled with regularly over the years when I was at Salon, and I have a hunch it could figure prominently in ways forward with news reporting in the rising digital realm. What if, for example, readers with experience in the culture of Wall Street could begin to add to the picture of how the AIG problem metastasized? Or shed light on how thoroughly it has been reported on?
Smart people have been working on ideas in this area for some time. Mother Jones has an interesting activist-style approach that it’s experimenting with. Between the ongoing destruction in the newspaper industry and what some major companies are attempting now online in terms of reader interactivity (the two hardly unrelated), I have the sense that whoever begins to unlock the challenge in a more creative, substantive way could make a big splash.
Jon Stewart is getting showered with praise for his showdown with CNBC’s Jim Cramer Thursday night on “The Daily Show.” The culmination of a week-long “feud” (egged on by the salivating media at large) was riveting to watch. (The video is here.) Stewart, long a savvy media critic, brutalized Cramer both for his own and the financial news network’s direct role in the economic meltdown that has vaporized untold wealth and hobbled the United States of America.
If that sounds a tad overdone, well, indeed. There is plenty of truthiness in Stewart’s point. It’s easy to sift through footage from various CNBC shows and find no shortage of their hosts making wrong calls about the financial markets, cheering on suspect CEOs and exuding what in hindsight was obviously misguided optimism about the economy and the stock market. Not to mention analyst Rick Santelli’s puerile, faux-populist tirade last month about the mortgage crisis.
But there is also some intellectual dishonesty suffusing the big CNBC takedown so in vogue right now. It’s easy to level simplistic snark at the network per above. But few seem willing, Stewart included, to acknowledge what the popular financial news network is mostly about, as I wrote about here recently: daily infotainment, emphasis on tainment.
Let’s be honest, we’re all plenty hungry at present for the villains of Wall Street to be strung up in the town square. But blame-the-media is the easy way out. It’s a bit silly to assign the degree of culpability that Stewart just did to a guy who, on his daily stock picking show, bounces around detonating obnoxious sound effects and exclaiming “Booyah!” like a frat guy on meth.
Stewart has other smart thinkers in the media following right along. David Brancaccio, host and senior editor of “Now on PBS,” told CNN that Thursday night’s show marked an important moment in journalism, especially for financial reporting, and that it may serve as a cautionary tale for those in the media who would fail on due diligence. “I don’t think any financial journalist wants to be in Cramer’s position,” Brancaccio said. “I think [journalists] may redouble their efforts to be dispassionate reporters asking the tough questions.”
That’s just goofy. Jim Cramer is not a financial journalist. He’s a self-cultivated nut-job host of a popular sideshow for Wall Street wonks. His script brims with speculative investment ideas, clumsy jokes and useless if marginally entertaining financial prattle.
The truth of the matter is that while CNBC certainly is ripe to take some lumps in this new era of Great Recession, the network is the easiest of targets. It’s also worth noting that there is substantive reporting in its mix. Last month, in fact, I spent some time interviewing CNBC anchor Maria Bartiromo and correspondent Bob Pisani at the New York Stock Exchange for a forthcoming magazine article about the financial media. Mostly I found them to be informed, thoughtful and dedicated to their work as reporters. For one example, see the high marks Bartiromo got for grilling ex-Merrill Lynch CEO John Thain on her show back in January. For another, watch this recent Frontline documentary, which recounts how in spring 2008 CNBC reporter David Faber helped pull the curtain back on Bear Stearns and impacted the timing of the investment bank’s collapse.
No doubt they and others on the network also had craven moments of their own during the boom times. As did so many in American government, business and, yes, out there in TV-viewing land. A dramatic and bloody round of the blame game is quite satisfying to watch right now, especially in the able hands of Mr. Stewart, but the culpability for our economic predicament extends far, far beyond the spectacle of one television channel.
The Dow Jones average is swimming down around 6,800 today, hitting a new 12-year low. If in a basic sense the stock market represents a rough overall valuation of the U.S. economy, then the U.S. economy is now worth less than it was in April of 1997. Whether that’s realistic I have no idea, but either way it seems a rather stunning measure.
In recent days, by way of working on a forthcoming magazine article, I’ve been taking in a sizable dose of CNBC, the ubiquitous financial news network. The channel is watched obsessively by most on Wall Street (I saw this firsthand on a recent reporting trip to the New York Stock Exchange and surrounds), and its constant chatter can be found in airport lounges, urban corner stores and no doubt the many living rooms of America’s investor class. The personalities hosting CNBC’s various shows do produce substantive reporting on the financial world daily, but much of the air time is filled with infotainment, emphasis on tainment. In addition to the usual stream of industry banter and speculative investing ideas, these days there’s no shortage of finger-pointing commentary about the policy maneuvers of the Obama administration.
Still, you can’t run a popular cable network on a steady drip of downer, so today the hosts of CNBC’s “Power Lunch” have been trying their darn best to dress up another ugly day on Wall Street. Courtesy of their “smart strategies special,” cue the segment: Three ways to make money in value stocks!
“Apparently there are more value stocks out there than ever,” announces Sue Herera, preparing to welcome two money managers who’ll offer favored picks.
“Value stocks are being created right now,” declares a smiling Bill Griffith, glancing sidelong at the sinking averages.
Good luck, folks. As James Grant noted in a sobering roundup of financial experts in yesterday’s Times, the truth about vicious bear markets is that they end when investors finally give up hope. “Hope sustains life,” Grant writes, “but misplaced hope prolongs recessions.”
It doesn’t seem particularly out of the ordinary when Rush Limbaugh looks at Obama’s economic recovery plan and reiterates his desire to see the president fail. Or when Gov. Bobby Jindal, purportedly the rising star of the Republican Party, argues that federal spending is a bad way to pull the nation back from the brink. But these are no ordinary times — faced with the greatest domestic crisis in modern memory, at what point does hard-line politics make for sheer lunacy?
While reporting for a forthcoming magazine piece, I spoke recently with economist Dean Baker about some of the political right’s machinations regarding the economic meltdown.
“One thing that was amazing to me was people blaming the housing crisis on the Community Reinvestment Act. It makes no sense whatsoever,” said Baker, who is co-director of the Center for Economic and Policy Research in Washington. “The idea was widely circulated, so there are a lot of people out there who believe that what lies at the center of the crisis is that the government forced banks to make loans to poor people and minorities. That’s absurd, and the media should’ve been doing more to point that out.”
A few did, at least: Businessweek’s Aaron Pressman explained last fall why the 1977 federal law, requiring banks to lend in low-income neighborhoods where they take deposits, had little to do with the insidious subprime mortgages that inflated the housing bubble. (Pressman further pointed out that the Bush government in fact weakened the CRA, while enabling Wall Street to gorge on dubious derivatives and absurd leverage.) But the blame game holds powerful emotional appeal in dark days, and the warriors of the right soldier on in earnest. Fox News’ Sean Hannity keeps repeating a debunked GOP talking point that the freshly signed $787 billion recovery package contains a $30 million provision to save a salt marsh mouse in San Francisco. Simply erroneous, as Congressman Joe Sestak pointed out this week on Hannity’s own show. (Here’s the video.)
Baker worries that partisan warfare will squelch political appetite for additional stimulus — which he believes will be necessary going forward. Obama had to fight hard just to get the first big spending plan through Congress. “Nobody wants to waste money,” Baker said, pointing out that job creation and a particular project’s usefulness are different issues. “But if the alternative is that people think we’re somehow going to benefit by not spending money, then they’re just on another planet.” Without more government spending to come, he said, “we could see this downward spiral continue for some time.”
Just about every day the headlines across the national media range from grim to utterly frightening. Today being no exception.
As someone who has written many a front-page headline, I know not to underestimate the power publications have in setting a tone. At what point does the steady drip — or the full fire-hosing, as the case may be — become torture? And more importantly, does the flood of doom-laden headlines itself deepen the economic crisis? Obviously the role of reporters and editors is to cover what’s going on in the world to the best of their knowledge and belief. No doubt the current economic reality is ugly. But the public mood matters, not least because so much of U.S. economic activity is based on consumer spending.
I’m working on a related magazine article right now and have been looking into how the media’s influence on the economy can be measured. According to a study published in 2004 from the Federal Reserve Bank of San Francisco, media coverage does have an impact — and sometimes can even serve to unhinge sentiment from reality:
In addition to moving in line with [data on] economic fundamentals, consumer sentiment also swings in response to the tone and volume of economic reporting by the media. Over the past 25 years, there have been several periods when the tone and volume of economic reporting pushed consumer sentiment significantly away from what economic fundamentals would suggest.
In an article published in Political Research Quarterly, economists concluded: “Consistent with previous research, we find that, overall, the media tend to follow negative economic conditions more closely than positive economic conditions.” And those findings were published back in 1995, when media ubiquity and consumption was a sliver of what it is today.
To its credit, National Public Radio’s “Morning Edition” tried in earnest on Tuesday to buck the trend, tracking down a relatively upbeat economic story in Youngstown, Ohio. (A thriving bit of technology entrepreneurship in the Rust Belt, of all places!)
Until it soon returned to the horror show: Zombie Banks Feed Off Bailout Money.
I’ve been thinking about the economic crisis as a rising national security danger since sometime back in December, and I’m sure I haven’t been alone, even though scant attention has been paid in the mainstream media — until now. It’s only an odd coincidence that the same day earlier this week that I was suggesting we’d soon be hearing more from President Obama’s intelligence chief on the matter, Dennis C. Blair was in fact on Capitol Hill sounding the alarm. The global economic crisis now represents the top security threat to the United States, he told the Senate Intelligence Committee on Thursday.
“Roughly a quarter of the countries in the world have already experienced low-level instability such as government changes because of the current slowdown,” Blair said. (That would be nearly 50 countries. Including Iceland, whose government collapsed three weeks ago.) Blair further warned of the kind of “high levels of violent extremism” seen in the 1920s and 1930s if the economic crisis persists beyond 2009.
The fears have now reached the front page of Sunday’s New York Times: “Unemployment Surges Around the World, Threatening Stability.” The trio of images above the fold are a quick world tour of worker displacement and unrest, from Bejing to Reykjavik to Santiago, where street graffiti declares “unemployment is humiliation.”
Just one glaring manifestation of a troubling global trend.