Is, but 'recession' glosses over the special nature of this situation.
Another recession is not necessarily a big deal, except for the not
inconsiderable minority who will suffer. Even a 'bad' recession.
We could be looking at an important shift in the U.S. position in
the world, in the wake of a string of bank failures and other financial
disruptions. Maybe a Japan-style ten year slump, or maybe worse.
Anti-recession measures are all to the good, but it seems to me that
politically the 'teachable moment' is the fundamental rottenness of
financial market
governance (delivered with suitably purple rhetoric). Capital allocation is
deeply screwed up. It's basic. In terms of the way the public ought to
understand the economy, exhortations about the plight of the unemployed
and the greed of financiers are only window dressing.
Charles Brown wrote:
Is we is or is we ain't ?
-Fats Waller, famous economist
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