Kevin Phillips, the conservative author who prophesied both the beginning and end of the right's political reign, delivered a salient comment during that period defining what is now happening in financial meltdown land.

"These people don't really create anything," Phillips lamented.

Phillips' comment bore on what has happened to a once proud U.S. economy with a strong manufacturing base, maintaining a strong work force and generating strong sales.  What has recently emerged is a propensity to substitute successful corporate management into a devil may care Las Vegas slot machine operation involving bubbles and financial sleight of hand.

The catastrophic mortgage blowout is one tragic example.  In the never never  land of specious credit reasonable value was substituted for the opportunity to achieve short term gain.