 Time To Bridge The Gap Again
Over the weekend two events happened that we believe signal a subtle yet important change in direction for the United States.
First, much to relief of people around the world, the U.S., Russia, and Syria reached an agreement on Syria's chemical weapons. That pact is a crucial step, and while tentative, effectively nullifies the threat of U.S. military involvement in Syria for the foreseeable future, and once again proves that diplomacy is a far more effective foreign policy tool than 'Shock n' Awe' ever was.
Second, and in some ways, even more important, was Lawrence Summers withdrawing his name for consideration to be the next Chairman of the Federal Reserve. Summers - one of the men responsible for the massive deregulation which led to the Great Recession - already had received the public opposition of several key Democrats and at least one Republican, along with what appeared to be a solid rebuke by Sen. Elizabeth Warren. So it seems almost fitting that as the season of summer ends, so too does the chance for Larry Summers to destroy the economy again.
With both of the above items firmly in mind, we thought it might be a great time to look at exactly where America is on the five year anniversary of the collapse of Wall Street and the beginning of the Great Recession. Sadly, as we noted in Friday's expanded edition, America already appears to be in a new "Gilded Age' with the gap between the richest 1% and the rest of America deeper turning into a yawning chasm that's effectively swallowed the American middle class...
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