What we don’t know will hurt us
And so on the 29th day of his presidency, Barack Obama signed the stimulus bill. But the earth did not move. The Dow Jones fell almost 300 points. G.M. and Chrysler together asked taxpayers for another $21.6 billion and announced another 50,000 layoffs. The latest alleged mini-Madoff, R. Allen Stanford, was accused of an $8 billion fraud with 50,000 victims.
“I don’t want to pretend that today marks the end of our economic problems,” the president said on Tuesday at the signing ceremony in Denver. He added, hopefully: “But today does mark the beginning of the end.”
Does it?
No one knows, of course, but a bigger question may be whether we really want to know. One of the most persistent cultural tics of the early 21st century is Americans’ reluctance to absorb, let alone prepare for, bad news. We are plugged into more information sources than anyone could have imagined even 15 years ago. The cruel ambush of 9/11 supposedly “changed everything,” slapping us back to reality. Yet we are constantly shocked, shocked by the foreseeable. Obama’s toughest political problem may not be coping with the increasingly marginalized G.O.P. but with an America-in-denial that must hear warning signs repeatedly, for months and sometimes years, before believing the wolf is actually at the door. [continued…]
Editor’s Comment — There is a pathological optimism inherent in every colonial enterprise. And while a pillar of America’s founding mythology is that this is nation which cast off the chains of a colonial power, that myth serves to obscure the fact that with or without British oversight, the American project always required that America be conceived as a quasi-divine creation and not a colonial imposition on an already inhabited land.
This image of an immaculate conception has thus always made it difficult for America to develop a healthy sense of the tragic. Yet a fixation on a hopeful future inevitably requires a denial of death.
We want renewal but we hesitate to imagine that first must come destruction. Death precedes rebirth.
—
As yet another small sick tale of the profligacy of bankers emerges — a 43,000 pound binge on champaigne spent on banker’s night out in London a few days ago — and as growing outcry says that what banking executives call “compensation” is in the eyes of the rest of us simply theft, it might seem hard to imagine that there could be such a thing as a good banking story.
Muhammad Yunus has already been honored with the Nobel Peace Prize, but if his message until recently might have seemed quaintly out of sync with the raucous engine of capitalism, now that that engine is not merely sputtering but is emitting the death rattle, there has never been a better time to pay attention to the story of Grameen banking.
The granting of the Nobel Prize to Grameen Bank did a lot to focus the world’s attention on microfinance as a tool for alleviating global poverty, and it is encouraging to see so many countries adopting microfinance at the local and national levels. But in other ways, the last two years have been difficult. Continue reading
