Our Economy Was a Scam and Now We're Dead Broke

By Joe Bageant, JoeBageant.com
Posted on October 27, 2009, Printed on October 27, 2009
http://www.alternet.org/story/143521/

When Barack Obama took office it seemed to some of us that his first job was to get the national silverware out of the pawn shop. Or at least maintain the world's confidence that it was possible for us to get out of debt. America is dead broke, the easy credit, phantom "growth" economy has been exposed for what it was. A credit scam. Even Hillary Clinton and Obama's best efforts have not coaxed much more dough out of foreign friends. But at least we again have a few friends abroad.

So now we must jackleg ourselves back into something resembling a productive activity. No matter how you cut it, things will not be as much fun as shopping and speculative "investing" were.