KEVIN PHILLIPS The "Disaster Stage" of U.S. Financialization

KEVIN PHILLIPS
The "Disaster Stage" of U.S. Financialization tpmcafe.talkingpointsmemo.com — For all that the 1930s evoke national trauma, that decade was in fact a waiting room for national glory and well-being. World War Two ushered in American global ascendancy, the "Happy Days" of the 1950s and an unprecedented middle-class prosperity. Today's disaster stage of American financialization — the bursting of the huge 25-year, almost $50 trillion debt bubble that helped underwrite the hijacking of the U.S. economy by a rabid financial sec— won't be nearly so kind. It is already ushering in the reverse.

http://www.ourfuture.org/progressive-opinion/2009041508/disaster-stage-us-financialization