Positive Thinking and the Looming Recession

Norman Vincent Peale has a lot to answer for. His gospel – that the “power of positive thinking” overcomes all obstacles – infected the executive and investor class in the 50’s and was magnified by the conservative corporatocracy for the next 50 years. They institutionalized it...

Faced with the Mortgage Crisis, the Investor Class Acts to Protect…Itself

Neil Irwin wrote a piece in today’s WaPo on Treasury Sec Henry Paulson’s response to the mortgage crisis that is so glowing with praise it could probably be seen from Mars with the naked eye, assuming there was a naked eye on Mars. This crisis, precipitated by a mostly unrestricted financial...