The Rollicking Economy

Dave Maney discusses CIT’s role in capital markets

Dave Maney publishes “Economic Tectonics and the Crash of ’08” in the Huffington Post

Conventional wisdom says the focal point for the most critical story of our time - the Economic Collapse of '08 - is an overheated, over-levered, greed-riddled financial system. It's a common refrain during sharp contractions - a call for the heads of the perceived culprits who it's believed put us here.

And the consensus media narrative seems to be going even farther this time. This thread says that materialistic American consumers and money-mad Wall Streeters - with an assist from self-aggrandizing Washington politicians -- are responsible for a set of actions which collectively have brought the capitalist system to its knees. It's suggested that Americans are now concluding that something more "caring," more "community-focused," more "values-based" is needed, and that the animal spirits of capitalism are now menaces rather than tonics to our prosperity and well-being.

But I believe that conclusion to be fundamentally and directionally false.

Read more at The Huffington Post.