Historians may look back on September, 2008 as America’s economic 9/11. Major financial institutions are collapsing—to use a bitter analogy–like the twin towers: first, Bear Stearns (already 6 months ago!); and now, Lehman Brothers, Merrill Lynch and the insurance giant A.I.G. Just as 7 years ago, we cry out, What hit us? Who did this? Why?
Merrill Lynch helped finance the cotton trade before the Civil War! Say it was an essential “linch-pin” in the rise of the South on the backs of black slaves. Say that “free-market,” deregulated capitalism is now getting its due; if I am in steerage on the Titanic and I hear that the swells who have been dancing above our heads are about to take a dip in the sea, Schadenfreude doesn’t calm my queasy stomach.
