One minor amplification of Jim Devine's excellent note. He wrote: "A key problem is that the Greenspan years involved not "solving" recessions as much as delaying them."
Marx was probably correct in saying that delays -- in effect, trying to resolve one concrete contradiction -- only makes the inevitable crisis worse. I use the analogy of preventing forest fires, where the fuel builds up, making the eventual fire worse. -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail michael at ecst.csuchico.edu michaelperelman.wordpress.com
