« Bernanke And Buddies Desperate To Stop Panic | Main | The Great Depression: 'Only Yesterday' »



"Readers of this blog know that I have been in a panic for three years."

You've been in a panic for longer than that! If I were you, I would be tired of waiting for the hammer to drop by now...

Elaine Meinel Supkis

YUP. SEVEN LONG YEARS. As I noted in this article, when Bush ran on tax cuts we couldn't afford.

The giant alarms are in the last three years with the housing/stockmarket bubbles. They are a classic example.

Liberal AND Proud

The so-called financial geniuses are simply shifting the coals today. They'd best hope they don't overturn a "hotspot" and get caught in a flash fire, which will quickly burn out and die.

The "market" is desperately fighting to find positive news. Unfortunately, you can't fight fundamentals. Oooh...manufacturing growth came in at 52 instead of 50. That's like saying...oh the cable car industry is rebounding! The auto will not survive!" LOLOL!

U.S. manufacturing...an oxymoron. The unions have been destroyed, manufacturing has been hollowed out. Those facts cannot be ignored. They are simply FACTS. There will soon be only TWO U.S. auto manufacturers, and then only ONE. Steel? Dead. What's left? Oh, the nuclear weapons industry is poised for a big growth spurt if the Bush Admin has its way.

Real wages? Flat. Savings? Negative. Debt? Rising? Housing? Falling. Oh...but inflation is under control. Great, we get to die a SLOW death. Lack of inflation is an indicator of lack of growth. Any business school freshman knows that.

We are in the hands of charlatans, liars and the morons that follow them.

Elaine Meinel Supkis

You said it perfectly as always, Liberal and Proud. Thank you!


"Lack of inflation is an indicator of lack of growth. Any business school freshman knows that."

And if they stay in school a few more years, they learn differently. (Which is probably why L&P isn't running things.)

From 70 - 83 or so, there was a great deal of inflation around but little accompanying growth. Then Paul Volcker wrung the inflation out of the economy (painful, yes, but it needed doing) and the economy began to... yep. Grow.

Elaine Meinel Supkis

GROW???? You're kidding me, Smith!

THE RED INK GREW. Reagan opened the doors to hell and all our problems today stem from back then. All, and I do mean all, of our wealth is due to going ever steeper into debt and running up the biggest trade deficit since the Roman Empire.

Liberal AND Proud

The "inflation" you speak of Smith was caused by the oil embargo. It was ARTIFICIALLY created. We can argue about the culpability of the energy companies at a later date.

As for growth, when you adjust for "stagflation", Carter growth wasn't all that bad, and debt levels were relatively flat. After 1980, take a look at the debt numbers. Yes, there was growth after the '84, tax cut...but that was NOT a supply side cut. That was a totally Keynesian tax cut, designed to generate demand and boost the economy which had slowed during the hostage crisis.


Its filipino not Philippino, i know this cause i am one

The comments to this entry are closed.

Blog powered by Typepad