drieuxster (drieuxster) wrote,
drieuxster
drieuxster

Glut What Glut?

It would be like saying that Gluttony, like Greed and Avarice were some sort of "Seven Deadly Words" rather than some sort of George Carlin list of words!

But is the SHRILL ONE willing to be sane?
Remember the good old days, when we used to talk about the “subprime crisis” — and some even thought that this crisis could be “contained”? Oh, the nostalgia!
...
Mr. Bernanke cited “the depth and sophistication of the country’s financial markets (which, among other things, have allowed households easy access to housing wealth).” Depth, yes. But sophistication? Well, you could say that American bankers, empowered by a quarter-century of deregulatory zeal, led the world in finding sophisticated ways to enrich themselves by hiding risk and fooling investors.
...
And wide-open, loosely regulated financial systems characterized many of the other recipients of large capital inflows. This may explain the almost eerie correlation between conservative praise two or three years ago and economic disaster today. “Reforms have made Iceland a Nordic tiger,” declared a paper from the Cato Institute. “How Ireland Became the Celtic Tiger” was the title of one Heritage Foundation article; “The Estonian Economic Miracle” was the title of another. All three nations are in deep crisis now.
...
One way to look at the international situation right now is that we’re suffering from a global paradox of thrift: around the world, desired saving exceeds the amount businesses are willing to invest. And the result is a global slump that leaves everyone worse off.

So that’s how we got into this mess. And we’re still looking for the way out.

[ cf Revenge of the Glut (emphasis mine)]
But our troops are still winning the Mission Accomplished Dance?

How can there be any risk to hide? Or investors to fool, given the rational expectations of the Invisible Foote Of The Market....

Clearly this MUST be the greatest of economic Miracles!!! Since anything less and one is stabbing our troops in the back with their defeatist rhetoric...


Ok, so how exactly is it that Supply Side will provide the required demand...
Tags: economics, republican_pron
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