Ed Driscoll

A Funny Kind Of Hooverville

Let’s see: original Depression: Dow Jones Industrial Average bottoms out at 40 as huge unemployed swatches of the country live in Dickensian hardship. Men in breadlines wear suits and ties, largely because they have no other clothes.

The 21st century New American Depression that England’s Independent has stumbled across? The Dow closed today at 12,654.36, unemployment is at 4.8 percent, and Nike’s stock is doing quite nicely as the firm makes a comfortable profit selling $150 basketball shoes to parents and their kids across the country who have the disposable income to afford them.

But why is a British newspaper trying to muscle in on territory that’s traditionally exclusive terrain for American journalists during an election year? Shouldn’t they be investigating a protracted economic malaise that’s far closer to home?