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  • From: bob ford <bobford79 AT yahoo.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] They Just Don't Get It
  • Date: Tue, 30 Sep 2008 05:45:20 -0700 (PDT)

Lynn, I'm a Libertarian; obviously I don't agree with his conclusions
concerning the remedy (though he could be forecasting the terrible truth). I
liked some of his explanation of the present problem. And, he is smart, even
if his belief system is different than mine ...bobf


--- On Tue, 9/30/08, Lynn Wigglesworth <lynnw1366 AT hotmail.com> wrote:

> From: Lynn Wigglesworth <lynnw1366 AT hotmail.com>
> Subject: Re: [Homestead] They Just Don't Get It
> To: homestead AT lists.ibiblio.org
> Date: Tuesday, September 30, 2008, 5:36 AM
> I disagree with Pearlstein. What the government wants to do
> is the
> equivalent of an individual running his credit cards to the
> max, then
> looking around frantically for a new credit card to use. We
> need to
> tighten our collective belts and live within our means.
> It's going to
> hurt, however you look at it, but I'd rather have a
> recession/depression
> that lasts ten years and teaches people about fiscal
> responsibility than
> this credit house of cards that will indebt our
> great-grandchildren and
> will collapse every few years.
>
> "And they will come around, reluctantly, to the
> understanding that the
> only way to get out of these situations is to have
> governments all
> around the world borrow gobs of money and effectively
> nationalize large
> swaths of the financial system so it can be restructured,
> recapitalized,
> reformed and returned to private ownership once the crisis
> has passed
> and the economy has gotten back on its feet"
>
> That's got to be one of the WORST ideas I've read
> in a long time. At
> least if we want to be a capitalist, free-market country.
> Has the
> government EVER backed out of something once they got their
> fingers in
> it? In a true free-market economy, businesses fail. People
> who invested
> in those businesses suffer the consequences, too.
>
> Lynn Wigglesworth
>
> bob ford wrote:
> > 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.
> >
> ***************************************************************************
> >
> > 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
> >
> >
> >
> > _______________________________________________
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> >
> >
> >
> >
> >
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>
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