When 2008 Feels Like 1968

It’s been a bummer of a summer, hasn’t it? At the gas station the other night, I found myself staring in disbelief—as I have for weeks—while the numbers on the pump kept spiraling higher and higher. The total: $67.83 to fill my Passat. I hopped back in my car and flipped on the radio, figuring a little music might take my mind off the lightness of my wallet, but the news came on instead: Fannie Mae and Freddie Mac were reeling. Nervous depositors had stormed IndyMac Bancorp, looking to pull their money. General Motors was poised for another round of cuts.

Sigh. You don’t have to be much of a sourpuss to feel like things are falling apart these days—much of it the result of terrible management across a wide range of institutions. We’ve been undermined by corrupt mortgage brokers and bankers, lax financial regulators, myopic auto executives, and visionless politicians. Lord knows, there is plenty of blame to go around.