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Twilight of the power elite
Key Excerpts from Article on Website of Time Magazine
Posted: March 25th, 2010
http://www.time.com/time/specials/packages/article/0,28804,1...
In the past decade, nearly every pillar institution in American society whether it's General Motors, Congress, Wall Street, Major League Baseball, the Catholic Church or the mainstream media has revealed itself to be corrupt, incompetent or both. And at the root of these failures are the people who run these institutions, the bright and industrious minds who occupy the commanding heights of our meritocratic order. In exchange for their power, status and remuneration, they are supposed to make sure everything operates smoothly. But after a cascade of scandals and catastrophes, that implicit social contract lies in ruins, replaced by mass skepticism, contempt and disillusionment. In the wake of the implosion of nearly all sources of American authority, this new decade will have to be about reforming our institutions to reconstitute a more reliable and democratic form of authority. If our current crisis continues, we risk a long, ugly process of de-development: higher levels of corruption and tax evasion and an increasingly fractured public sphere, in which both public consensus and reform become all but impossible.
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