On Tue, Feb 24, 2009 at 9:57 PM, David B. Shemano <[email protected]> wrote: > I think our credit bubble is no different than the Madoff world. The > present crisis/recession/contraction is the realization that our > national/global asset levels and net worth are significantly less than we > thought they were two years ago. The problem is not underutlization of > existing assets, not hoarding, etc. It is simply that we are poorer than we > thought we were. No more big screen TVs on credit for now. The stimulus, > conceptually, seems nothing more than an attempt to get us to act as if we > are not poorer. But we are poorer.
Two questions: 1) How do you know that "we are poorer" and that there is "no hoarding"? What do these terms even mean? 2) How would your prescriptions change if the items being consumed are not big screen TVs or SUVs but food, medicine or college tuition? Are we too poor to afford those too? -raghu. -- I get mail........ therefore I am. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
