Kevin Phillips on the U.S. economy and the War Ahead.
September 16, 2001 2:15 PM Subscribe
Kevin Phillips on the U.S. economy and the War Ahead. Sobering historical context for where we're at now (short article via SmirkingChimp).
"God do I hate politicians."
I do too sometimes.
posted by Katy Action at 2:55 PM on September 16, 2001
I do too sometimes.
posted by Katy Action at 2:55 PM on September 16, 2001
I think he overstates the equity markets meltdown. The recent crash is a reaction to the bubble. No bubble, no "crash". In fact, the S&P is still well ahead of the pre-bubble, late 1998 levels. This is not the case for the Great Depression, during which large-cap stocks fell 50% below their pre-bubble levels.
posted by prodigal at 3:18 PM on September 16, 2001
posted by prodigal at 3:18 PM on September 16, 2001
Much the same is being said for the global economy, with significant losses in Europe during the last week: London down 6%, Paris 11% and Frankfurt 13%.
posted by arc at 3:45 PM on September 16, 2001
posted by arc at 3:45 PM on September 16, 2001
So, ahh, can someone who knows about this stuff reassure me that we arent going to have a massive economic collapse in the near future?
posted by Doug at 4:09 PM on September 16, 2001
posted by Doug at 4:09 PM on September 16, 2001
*crickets chirping*
posted by allaboutgeorge at 12:53 AM on September 17, 2001
posted by allaboutgeorge at 12:53 AM on September 17, 2001
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God do I hate politicians.
posted by mattpfeff at 2:46 PM on September 16, 2001