October 04, 2011

Michael Lewis on the Fiscal Trouble

There's a really interesting piece in Vanity Fair that is long but well-worth the read. It touches on how and why public union employee costs have gotten out of control, and despite the general tone ends on a semi-hopeful note. Perhaps. He argues that neurologically, we're better at working with scarcity than abundance.

One blogger commented:
I was hoping the ending story would be one of a community where the stakeholders figured out that they were on a path to disaster, and managed to put aside selfishness and get themselves on a path to long term solvency, before they destroyed what made the community desirable in the first place.

Is there no such example?
Another commented:
Blaming "greed" for our fiscal woes is like blaming gravity for airplane crashes. Human nature is what it is and always has been in every corner of the world. At the start of the article, Lewis conjures up the greek debacle, so how is that explained in American consumerist culture? Why is is that with the same human nature other societies manage to thrive and keep their finances in order? Michael Lewis didn't have to travel far. He could've just gone to Utah, New Hampshire or Nebraska and asked them what they're doing different.

No comments: