Want some economic good news? Credit unions, employee-owned business, public banks—the "new economy" is breaking out all over.
On Monday the Dow Jones industrial average fell 634.76 points; the sixth-worst point decline for the Dow in the last 112 years and the worst drop since December 2008. Every stock in the Standard and Poor's 500 index declined.
It is easy to blame bipartisan bickering for the impasse that led to Standard and Poor's downgrading of the American debt, and in turn the vertiginous fall of the Dow. This bickering -- this substitution of ideology for reason, of egotism for compassion and responsibility on the part of lawmakers -- is a national disgrace; but while it failed to fix the problem, we must realize that it did not cause it. The cause -- and potential for a significant renewal -- lies much deeper.
So let's allow ourselves to ask a fundamental question: what's an economy for?
With the scandal around Rupert Murdoch growing by the day, a full-fledged boycott of News Corp. has been launched on the internet, according to the Washington Post.
The website Boycott Murdoch also has Facebook and Twitter pages. While the boycott has received coverage on many mainstream news outlets, it has yet to gain much traction. The Facebook page has less than 700 fans and the Twitter page is approaching only 1,000 followers. To make even a small dent in Murdoch's bottom line, the boycott will need to metastasize, and quickly.
As I celebrated my freedom on Independence Day, I found myself considering the promise that my country boasts about: "liberty and justice for all." In particular I was struck by the many freedoms uniquely absent from the lives of so many American workers.