12.02.2008

Disengaged from the market?

Over at Democracy Arsenal, Adam Blickstein is worried that the roller-coaster economy will lead to cynicism about, and disengagement from, the market:
You can't tell me that Jim Cramer barking financial assurances of wealth each day on cable followed by sober laments of a complete confidence failure in our financial system won't screw with our minds. Or that there are detrimental aspects of having politicians brag about America being the strongest economy in human history that will never fail now demanding trillions of dollars in bailouts to save the same Wall Street that sustained us a decade before? Or that laughing off a decade of corporate excesses as a beneficial symptom of prosperity followed by the reality that we may be staring down a new depression, that we need a new new deal while we watch our parents retirement savings disappear only a few years after they bought their second retirement home in arizona won't severely cripple our financial outlook and approach for decades to come. There are bound to be deleterious psychological affects to all this bipolarity, and it will make us cynical at best, disengaged at worst.

There does seem to be a certain libertarian groundswell coming up under the radar, but one does wonder, overall, how Gen X-ers will deal with the economy in the long run.