Main Street v. Wall Street is 'idiotic'
Scott Woodham |
Jan 26, 2010
According to a recent, long op-ed in the Asia Times, "Main Street" and "Wall Street" are two parts of a false dichotomy that, to our detriment, is being used in the public statements of political leaders of every political stripe, including those of President Obama and former Governor Palin. The columnist focuses on President Obama's remarks over the first part of his term and explains how that dichotomy is a misleading representation of the way our economy really works (and of how the crisis began in the first place), suggesting that as long as such a large fallacy constitutes a major part of national economic discussion, it won't be easy for us to get out of the woods. One central misunderstanding is, according to the author, "Main Street may say that the deposits in its banks stay in the local community for local enterprises and needs, but through the correspondent accounts the small banks have with the Wall Street banks, even grandma's Social Security check will probably eventually get sucked into the abattoir of global turbofinance." Basically, the piece argues that the only place that there really is a "Main Street USA" is Disneyland, and acting otherwise poses a danger to finding real solutions. Read the long Asia Times editorial itself, here, or read a very brief synopsis of its main argument from The Business Insider, here. And, if you still feel like it, read Sarah Palin's most recent Facebook note, here. In that post, the writer calls out President Obama on a host of subjects, including the Wall Street stimulus package: "loaded with pork and goodies for corporate cronies." (It's off topic, but we're still wondering why Palin always signs her own name to her Facebook notes.) |












