2011: The Straight to Video Remake of 2008
There was a fascinating piece on NPR this week about a fictional story in Le Monde being taken for real reportage and sparking panic selling of French banks. It seems that a serialized work set in 2012 called, "The End Of The Line For The Euro" in which Germany exits the eurozone and a number of French banks are dismantled may have been partly responsible for driving Soc. Gen's share price down 15%, its largest drop since 2008. When I read the story, I felt like I had heard it before but I couldn't place where. Then I realized that 2008 was the clue. 2008 is where I had heard the story before, or at least countless versions of it.
In fact, with wild market volatility, an absence of political leadership and a apocalyptic press, 2011 is starting to feel a lot like a bad remake of 2008. In this straight-to-video version of the original movie, the part of Meredith Whitney is played by S&P, while Barack Obama's "we're still a AAA country" is a blatant re-write of John McCain's "the fundamentals of our economy are strong". Congress reprises the role of lovable psycho it played so well when it first rejected the TARP bill, scaring the bejeezus out of everyone before doing the right thing at the very last minute.
What 2011 needs right now is a reboot not a remake.