“Soak the Fat Boys”

(Cross posted at correntewire.com)

Doug Henwood’s latest issue of “Left Business Observer” is out. (Subscription is $22 a year for 11 issues.) Henwood wrote the visionary book “Wall Street” in 1997 predicting this mess we are in now. Henwood reminds us that in “All the King’s Men”, Willie Stark is urged not to speak so wonkish and instead just say that “he’s gonna soak the fat boys.”
Why should we soak ’em? We’ve had the lowest growth in 80 years. And Henwood points out that the economy is arguably weaker than the Great Depression. The Depression “was preceded by a serious boom…and while the 1920s expansion was hardly short on froth, it also put the radio and the automobile into wide circulation. The 2001-2007 expansion gave us little more than some empty subdivisions outside Vegas and see-through condos in Miami.” Continue reading