Kevin Phillips on the U.S. economy and the War Ahead.

September 16, 2001 2:15 PM

Kevin Phillips on the U.S. economy and the War Ahead. Sobering historical context for where we're at now (short article via SmirkingChimp).
posted by aflakete (6 comments total)

Ironically, Bush, who of course said during his campaign (and after) that we were headed for a recession (when of course it was far from clear the slowdown would progress that far), is now saying "I have great faith in the resiliency of the economy".

God do I hate politicians.
posted by mattpfeff at 2:46 PM on September 16, 2001

"God do I hate politicians."
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

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

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

*crickets chirping*
posted by allaboutgeorge at 12:53 AM on September 17, 2001