
I saw "Wall Street: Money Never Sleeps" with a friend. Oliver Stone sets his story in the teetering economy just before the current 'downturn' and at least one of the characters' objectives is to alert the financial community to imminent catastrophe. Afterwards my friend said, "Didn’t grab me. Stakes weren't high enough."
So, friend, just to clarify, to your inner barometer of what matters and what doesn't, exactly how many thousands of trillions of dollars constitutes high stakes?
My movie friend has a master's degree in architecture, but had to make part of his living last year working in the men's clothing department at Nordstrom's because his architectural practice shrank to almost nothing when real estate values plummeted and credit markets froze. But, Oliver Stone was unsuccessful in making him feel any connection between the avaricious villains in the movie and his own predicament. In spite of repeatedly trying to translate large, important socio-political issues to the feeling/acting/caring organs of his audience, Stone has never made a "Casablanca".
"Casablanca" - the greatest movie Hollywood ever produced (arguable, but don't argue with me about it). What made it great? Deft direction by Michael Curtiz – a screenplay by the Epstein brothers so memorable and witty, only Hamlet is more often quoted - a fantastic cast of supporting character actors, many of whom were refugees from the very countries where fascism ruled – wonderful performances and extraordinary chemistry between Ingrid Bergman and Humphrey Bogart. In spite of a light, off-the-cuff tone and no special effects, it successfully tugs at something deep inside that feels and understands tragedy, but wants to keep struggling against it so the bad guys cannot, must not, do not get away with it.
I don't equate the global financial crisis to the Holocaust… even though there are probably people dying in the world because of it. I am mad, though, when people get it wrong. Angry Americans are being told that "carbon credits kill jobs", as if legislation designed to limit environmental damage is to blame. Conservatives demonize illegal immigrants, as if Jose at the car wash was one of the hombres who profited from selling $100 billion of worthless credit swaps. The very political party, the "sheriff" in power at the time, that gave unbridled license to the financial sector under the thin nincompoopeous ideological veil of "markets are self-correcting", is misdirecting anger away from themselves and toward these red herrings.
Let me see if I can succeed where Oliver Stone failed. Here's the story: A few hundred morally reprehensible individuals sat down to a gambling table and recklessly placed bets in your name without your knowledge or permission. When they won, they kept for themselves a quantity of money that any sane person would consider obscene - and when they lost, which was inevitable and predictable (we know they predicted it, because there is evidence that some were privately betting against themselves) - I repeat, when they lost, they didn't lose - they won, and YOU lost BIG.
The amount of wealth that vanished was exponentially bigger than the crash sparking the Great Depression. Hopefully, the herculean spending, propping, and restructuring efforts of the Obama administration and the governments of Europe has averted complete economic collapse which we have historical precedent to believe would be worse. I think we can all agree that bread lines, hobos, starvation, political breeding grounds for fascism, etc. is a greater evil than deficit spending. (a show of hands, please? thank-you.)
But my sunny prediction that our economies won't collapse doesn't mean you didn't lose. You still lost big. You lost directly on the value of your house and 401(k), etc. You lost, and will continue to lose, indirectly. That sibling, parent or child who needs your help from time to time will need more help because they lost big, too. You will be spending years, maybe decades, scrambling to try and replace what you lost, because, through no fault of your own, the 'faith and credit' of the very currencies that denominate Western civilization are not worth nearly as much as they used to be.
You were robbed. The sheriff got a kick-back. And the bastards got away.






