We were nearly peasants with torches: the economic crisis looked Gothic in 2008

The economic crisis in America looked like it was going Gothic in fall 2008, according to Henry Paulson.  "Gothic" as in "peasants with torches," and "fear of the mob."

Apparently then-Treasury secretary Paulson spoke to members of Congress during

hasty conference calls last year. The calls included discussion of law and order and whether it would be possible to feed the American people, and for how long, according to Mr Kanjorski [Paul Kanjorski, a Pennsylvania Democrat].

A law and order breakdown and a food crisis.  Which would have exacerbated each other.

Listen, too, to the X-Files-style fear of panic, with the government withholding information in order to keep us from revolt:

Hank Paulson said it was important at the time not to reveal the extent of officials' concerns, for fear it would "terrify the American people and lead to an even bigger problem".

Hence the secrecy, and also therefore TARP.  Fear of a Gothic political explosion is emerging as the narrative behind political economy. 

It's the flip side of crisis as Frankenstein monster.  Instead of mad (economic) scientists unleashing (economic) horrors, it's misunderstood, but wise (economic) scientists who must act to quell the ignorant peasants.

(via Matt Savinar's gloomy news service)