We now need to go cold turkey. It is massively painful, and it requires leaders with integrity and strength to help us get us through.
And of course we have such leaders in great abundance in the USA. Not to the same extent as in the UK, France, Germany, Italy and Spain, I suspect, but I will defer to the sensibilities of Europeans here. Snark,snark,snark!
The only upside to the timing of this financial debacle is that it inherently discredits the authors of these pernicious policies prior to the election. This is fortunate, as their opponents seem to be afraid to try.
The downside it that, so far, it seems to not have facilitated ANY real discussion of the root causes, such as Jerome has laid out above. Worse, with the terms of discussion shifted so far right, as they are, with the main stream media cowed or captured by the right wing think tank PR machine, and with almost all politicians appearing to fear saying anything cogent about the problem it is difficult to see a path forward.
This is not and will not be just an American problem. The storm is hitting London just now. I hadn't thought it could be much worse than in the US, but, in relative terms, could it be worse in the City? Paulson seemed to think so while in London recently. JakeS has shown similar problems in Denmark. Even the man on the street in Riyadh is complaining about inflation.
It has been said that the times bring forth the men. I don't see them, at least in the public sphere. Let us hope they appear soon. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
the timing of this financial debacle is that it inherently discredits the authors of these pernicious policies prior to the election.
They're still arguing that there was not enough "reform", and that taxes must be lowered, and that government is too intrusive, and that markets needs to be let to solve the problems - ie they are pushing the blame away.
And the discourse blaming them is not loud enough.
This is not and will not be just an American problem. The storm is hitting London just now. I hadn't thought it could be much worse than in the US, but, in relative terms, could it be worse in the City?
Oh yes, part of the choice for "Anglo" Disease is that it will be worst in London, which has essentially become a mono-industry. In the long run, we're all dead. John Maynard Keynes
inherently discredits the authors
In the sense that the party in power during a debacle always gets substantial blame from the general public, whether they had anything to do with it or not. Brad DeLong's characterization of Grover Norquist's general approach is apt and that sort of response from RW PR Tanks is to be expected. Deploring their tactics just makes them laugh.
More like inaudible. One has to know where to find such discourse and then don noise canceling headphones in order to hear said discourse. This has been my concern for a while. An ET "Think Tank" or institute would be a start. But there is a need for several and for ones that focus primarily on the US. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
You forgot Poland... When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
It may be funny for you, though, in the same way that Rick Santorum is funny for Europeans :-P
- Jake If you only spend 20 minutes of the rest of your life on economics, go spend them here.
