September 18, 2008 — the day the market lost $550 billion in little over an hour, costing Americans $14 trillion — was the tipping point for deeply indebted, over-obligated America.
Candidates on the stump are finding voters deeply attuned to and worried about America’s precarious financial condition, thus the impending electoral tsunami on November 2.
Generation Zero – conservatives’ answer to Michael Moore’s Capitalism: A Love Story — zeros in on the causes of this crisis.
The film, made by Stephen K. Bannon (Victory Productions) and David Bossie (Citizens United) — taking about two years and $5 million less than Moore’s love story — makes a convincing case, very artfully, that, in the words of Bulls & Bears’ Tobin Smith, this meltdown was a “failure of culture not of capitalism.”
It opens with Congressman Paul Kanjorski (D-PA) dramatically recounting the cliff we nearly drove over two years ago.
“We were having an electronic run on the banks” Kanjorski said the Fed concluded after immediately pumping $105 billion into the system to no effect. The only solution was to “close the operation, close down the money accounts….”
“If they had not done that,” Kanjorksi intoned, “their estimation was that by two o’clock that afternoon, five and 1/2 trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States and within 24 hours the world economy would have collapsed (which would have meant) … the end of our economic system and our political system as we know it.”
“Someone,” Kanjorski concluded, “threw us in the middle of the Atlantic Ocean without a life raft. And we’re trying to determine which is the closest shore and whether there’s any chance in the world to swim that far. We don’t know.”
Generation Zero compellingly argues that only by attacking the causes of this still-bubbling crisis will we make it to shore. And far from being a mystery, the bevy of experts interviewed, including Roger Kimball and Victor Davis Hanson, assert the causes are very clear.