On Sat, Aug 29, 2009 at 3:57 PM, Doug Pensinger<[email protected]> wrote:
> In your initial post in this thread, particularly in the last > paragraph, you seemed to be belittling the idea that we are in the > midst of a major economic crisis. That's what I was responding to. > Perhaps I was mistaken. I'm not sure how to rate the severity of an economic crisis on any absolute scale, since the complexity of a large economy such as the US defies any such simple metrics. So I did not mean say that there was not (or was) a bad situation. My point was rather that Bernanke, and others like him, were invested in making the situation seem dire AND that unless there were swift and large government intervention, that the consequences would be inconceivable. After painting that picture, and intervening, Bernanke et al. then began proclaiming how their intervention had prevented such a calamity. All with no real proof -- in fact, the success of the whole scheme depends on there being no possible way to disprove their alleged genius and heroics -- but just scare tactics and bluster. So, it was a one-two punch. Make the situation sound unimaginably bad, and then persuade people that he saved them from disaster. _______________________________________________ http://mccmedia.com/mailman/listinfo/brin-l_mccmedia.com
