By Jeff Madrick, The Nation
Posted on December 30, 2008, Printed on December 30, 2008
http://www.alternet.org/story/115764/
Every time I read about a solution to the economic crisis these days, I invariably find an underlying assumption that once we are past all this, America will be just fine again. If we get the banks spending, if we stop the mortgage defaults, if we stimulate enough and if we reregulate the errant, greedy financial community, prosperity is sure to follow.
The economic emergency, however, is not simply the consequence of mindless, ideological deregulation and investment bubbles gone bust. It is the result of a narrowly conceived economic model and the failure of Washington's social contract with America, whose weaknesses were essentially disguised by ever more debt. To save America, that social contract has to change, and the economic model on which it is based has to be modified.
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