Editorial: What goes around….
Even Federal Reserve Chairman Ben Bernanke and his predecessor Alan Greenspan have sucked it up and admitted that we’re headed for a large correction in the market after – surprise, surprise – there turned out to be a downside to easy credit.
And even though a correction in the market will mean big financial losses for a lot of players, big-picture wise it’s actually a desirable function of an economic organism, serving to recalibrate markets spun out of control and right some of the wrongs from the last time around.
And repercussions from the faltering sub-prime market will reach not only into the larger economy, but will cross over into other realms of American life as well.
It’s already happening. Everything is coming around again, and this time we’re going to get it right.
For instance, we got a much more realistic picture of Britney Spears after her most recent MTV Video Awards performance. Remember, when she first ascended to the spotlight hers was an image of bubble-gum sexuality, and when she sang, “I’m not that innocent,” we didn’t really believe her.
Now, of course, after an ill-advised marriage, two hastily conceived children, a nasty public divorce, bizarre public behavior and whisperings of an even more strange private life, we see her more clearly as just another single mother from north of Baton Rouge, La. who’s made some regrettable decisions and is struggling with the responsibilities of adulthood. Her disturbing live performance brought it all into focus.
Also, it looks like we’re getting another OJ trial, big news to those of us in the media, especially the ones who remember last time around when, if you believe the inside hype, the news-consuming public ate up three square dispatches a day and the press conferences were flowing with free Champagne and caviar.
Good news for the Las Vegas Police Department, too, which seems bound and determined to get it right this time, and by “get it right” we mean finally convict OJ of something, anything, regardless of how the deal went down.
Things look a bit shaky. It is not under dispute that OJ burst into that hotel room at the Palace Station with a couple armed friends – he admitted it, calling it a “sting operation.” And we’re not really buying the defense that the property in question, which included his NFL Hall of Fame certificate and a picture of him with former director of the FBI and alleged cross-dresser J. Edgar Hoover, belonged to Simpson in the first place. But there may be some merit to the claim that the Juice was set up. Thomas Riccio, a figure in the sometimes-sleazy world of sports memorabilia collecting, alerted OJ to the presence of these items in the hotel; he secretly taped the encounter and sold the recording to TMZ.com for an undisclosed amount.
OJ slipped through the net 15 years ago after the gruesome murder of his wife and Ron Goldman, murders generally attributed to the former running back even though he was acquitted of the charges, and if the market, not the justice system, works in the way it’s supposed to, Simpson should serve some time earned from this previous infraction.
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