Jim Devine wrote:
... The general stagnation -- especially after the tech bubble pop and recession of 2000-01 -- meant that without a housing bubble, Bush and many other policy-makers would have a hard time pointing to prosperity in order to justify their misrule. Jim, as a guru of finance/real economic processes dating to the 1930s, why don't you extend this sentence from eight years back to the early 1970s global-scale beginnings of systematic stagnation and declining GDP growth (not to mention the non-GDP factors like pollution and nonrenewable resource depletion)? Why not establish the roots of the current crisis in overaccumulation and work outwards from there? I'm getting so bored with greed, corruption, ignorance, deregulation, etc. explanations for what should be called a capitalist crisis. |
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