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[bob ford <bobford79 AT yahoo.com>]

This is an editorial coming out in tomorrow's Wash. Post.  I don't trust 
anything from the NYT right now; They are too dependent on the Wall Street 
Wizards for their money and influence, and it shows in their reporting and 
editorials.  Without the Wizards, they'd be just another big town rag.

Pearlstein is a smart guy and gets right to the heart of what is happening 
and what could happen as consequence.  He has an opinion, but his explanation 
is helpful, even if disagree with opinion.
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They Just Don't Get It

"The basic problem here is that too many people don't understand the 
seriousness of the situation. 

Americans fail to understand that they are facing the real prospect of a 
decade of little or no economic growth because of the bursting of a credit 
bubble that they helped create and that now threatens to bring down the 
global financial system."..........................

........."In the coming weeks and months, all of these people will come to 
understand how deep the hole really is and how we're all in it together. 

They'll come to understand that the giant sucking sound they hear is of a 
massive deleveraging of the global economy and the global financial system as 
households, governments, businesses and investment funds adjust to living in 
a world with less debt and more inflation."  




http://www.washingtonpost.com/wp-dyn/content/article/2008/09/29/AR2008092902762.html?nav=hcmodule