Next Revolution: The Second American Revolution

This increasing financial turmoil is no surprise to followers of the committee's commentary and analysis.

This massive downturn in stocks, the bond crisis, and the plunging of the dollar that we are experiencing has been very predictable.

The part of all this that is not predictable is the moment when millions of individual investors in the US realize that they have been suckered by wall street and the corporate politicians. At this moment they will pull their money out this collapsing house of cards.

What we are seeing is the death of the "new economy." The new economy concept was developed by the corporate press and corporate politicians to describe the massive speculative bubble that their irresponsible policies created in the markets during the late 1990's.

Wisdom and honesty would have required that the media call it what it was, a pyramid scheme set up by bribed politicians, and executed by wall street's giants.

This is the biggest story of our times: the parties, politicians, and the biggest corporate interests captured control of the heart of our polity and economy, and have drained it of our riches and rights.

But our press and politicians are not honest. Rather than acting as a free press and calling the bubble a bubble in 1996, the corporate media coined the term, "new economy." Rather than acting as a responsible democracy, and reigning in the speculative bubble, our corporate politicians poured gasoline on the blazing thievery and manipulation of the big market players.

The public was ready to be fed this line of bull about the "new economy." The public responded predictably, plunging into a decade long frenzy of open greed, conspicuous consumption, and arrogant materialism.

An amazing trick of magic had happened, but it was not the appearance of endless free money and endlessly rising values of american assets. What was magical was the way our common sense, honor, and ethics evaporated when confronted with making a quick buck.

We sold our values and honor for trinkets, and now we are beginning to understand that it was a bad deal. Our trinkets are worthless. If we are going to gain anything from this disaster it will be the knowledge that trading our free press for a corporate press blinded us to the dangers of allowing our democratic elections and government to be the playthings of corporate politicians and their corporate masters.

Democratically elected representatives of the local voters are endowed by the constitution with the duty to regulate commerce. This not only provides the rules and regulations necessary for orderly markets, but it provides a check against the power of wealth corrupting our democracy.

The corporate press and politicians have turned this on its ear. Commerce now regulates the politicians and the people. Wealth, rather than the voters, now dominates our government, media, and, most importantly, our economic and fiscal policy.

Predictably, after stealing our democracy, they stole all the money. After stealing our money, they used financial trickery to create an economic house of mirrors. As if by "magic" these irresponsible manipulations multiplied our stolen money. What did they do with all of this money? They loaned it back to the american public they stole it from.

Ironically, americans swallowed this hook, line, and sinker. This resulted in the spectacle of massive corporate profits garnered as the american consumer was drowning in real debt. But nobody was worried, as their assets climbed higher and higher to unsustainable heights.

Now we are facing the spectacle of wall street's financial house of mirrors shattering before our eyes, as the bubble-valued housing of the average consumer plummets.

After all the smoke clears, all that will remain will be a mountain of debt. If we are going to gain anything from this experience, it will be an deep understanding of the wisdom of our constitution's requirement that our government be of the people, and not be controlled by the rich and powerful.

I have been predicting that the dow will fall to between 6800 and 7200 by june 6, 2008 since august '07.  The dollar will be around $1.75 a euro. Inflation will be severe, and economic activity will be minimal. But the real status of our country will not be counted in a bank. It will be measured by the mood of the people.

If we profit from this ugly mess, it will be because we relearned the value of our lost democratic elections and government, and restore both. Then this crash will have served an honorable purpose: beating some sense into a confused country, and bringing its lost institutions back to legitimacy.

During the last 30 years we have completely replaced our democratic ethics and practices with the brutal power of greed. Now the failures of the greedy are creating the tools of their own destruction, and the rebirth of our democratic republic.

If we are smart, honest, and lucky, the death struggle of the "new economy" will be the re birthing pains of our old democracy.

Join us in the impending democratic revolution.