Stei120414

Under Water

Sunday, April 15 is the hundredth anniversary of the sinking of the Titanic. Why is it that this event still grips the imagination today. Other ships have sunk, with greater loss of life, over the years, but none seem to fascinate like the Titanic. Perhaps it’s the colossal name, or the fact that it was the maiden voyage of the latest and greatest in technological advances, loaded with celebrities. Or perhaps it’s the reminder of man’s hubris–that the ship that was deemed unsinkable was lost so easily and so soon–that makes that moment so long ago resonate still. A hundred years later, we had come to believe that the economic cycles had finally been tamed by the enlightened application of modern economic principles. Inflation was a thing of the past, ¬†stocks were soaring to new highs, and markets could operate without risk. Then the iceberg appeared, too large and too close to steer around.

3 thoughts on “Under Water”

  1. or maybe it is because we are sickened by the way 1% treated the remaining 99% – and it continues today.

  2. Note that, after Titanic sank, people no longer believed it was unsinkable. This appears not to be the case with the American economy, where the same crew remains at the wheel, insisting that it was only a small bit of ice and everything is fine, even as fish swim past their faces.

    The Titanic disaster led to changes in safety regulations aboard ships. The crash of 1929 did the same for banking and trading law. The true believers dismantled those regulations and insist that they had nothing to do with the dead bodies floating around.

  3. To expand on Mr Peterson, the regulations of the New Deal, screwed-up by republicans insisting on cutting government when the economy was improving though fragile still in 1936, and the subsequent war economy that involved everybody, even the richies doing their part for the country, included a strict separation of banking and investment houses, gave us decades of smoother and inevitable cycling up and down of economies. America’s peak, economically, was the ’50s, along with paranoia of red-fear commie-phobia vacuum-theory domino-theory war-of-words anti-Soviet-ness. Civil rights battles that have yet to finish the defeat of the Confederate States of America were brewing, and then came the Counter Culture. We stagnated through the 70s into the start of banking deregulation Reagan and since then it has accelerated and brought us much wider wilder swings of the pendulums of in a very erratic manner. Big if, if those various business could be, would be, common sensical and look out for the people and for the country, then there would be no need for regulations. But even the police do not police themselves, so regulation is needed.

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