Huffington on Our Economic Vesuvius

Having recently visited Pompeii, Huffington muses there are two kinds of warning signs: those recognized while there's still time, and those ignored 'til we're buried.

"In the case of Pompeii, the warning signs included a severe earthquake in 62 A.D., continued tremors over the ensuing years, springs and wells drying up, dogs running away, and birds no longer singing. And then the most obvious warning sign of all: columns of smoke belching out of Mount Vesuvius before the volcano blew its top, burying the city and its inhabitants under 60 feet of ash and volcanic rock."

"[T]he . . . tremors were dismissed as 'not particularly alarming because they are frequent in Campania.' And the billowing smoke was quaintly described as looking like an 'umbrella pine.'"

Now, we too are surrounded by economic warning signs that are being rationalized away:

• Unemployment has hit a level beyond the administration's worst projections [reaching double-digits in many states, up to 15.2 percent.] Meanwhile, over 650,000 workers will run out of unemployment benefits come September.
• Credit card defaults have surpassed 10 percent, and in May hit a record high – the sixth straight month that dubious achievement has been reached.
• Foreclosure numbers continue to shatter records. . . . And more than 15 million homeowners now owe more on their homes than they are worth.
• In the first six months of 2009, 675,351 individuals filed for bankruptcy. In June alone, there were 116,365 bankruptcy filings – a 40 percent increase over June 2008.
• Since the recession began, an estimated 2.4 million workers have lost their health care benefits.

And the biggest warning sign . . . is how many of the very people responsible for the economic collapse not only are still in power, but are still lining their pockets with outrageous windfalls – courtesy of the American taxpayer.

According to last week's earnings reports, Goldman Sachs posted a $3.44 billion second-quarter profit, Citigroup earned $3 billion, and Bank of America earned $2.4 billion. On top of this, Goldman Sachs just announced it was setting aside $11.36 billion for employee compensation through the first half of the year. And AIG – which we bailed out to the tune of $150 billion – is apparently doing so well they're ready to set aside $235 million in bonuses.

After the earthquake that severely damaged Pompeii in 62 A.D., it is said that among the first buildings repaired were Pompeii's famous brothels. The metaphor holds. Only in 2009, we call them Goldman, AIG, Bank of America, and Citi. Though that is probably unfair. To the brothels.

More at HuffPo (rock me, Arianna!)

Meanwhile, the nearby, wealthier Herculaneum, was timely evacuated!