On 8/4/06, Doug Henwood <[EMAIL PROTECTED]> wrote:
Who said anything about "a sharp and sudden decline in the stock and bond markets"? Why not just sustained downward pressure for a few decades - a drag that could be countered by cyclical stimuli. I know that Joan Robinson said that cet. is rarely par., but still...
Didn't the "sharp and sudden decline" already happen in 2000-2001 and the drag has persisted since then to the extent that stock prices have still, after nearly five years, not decisely breached pre-decline levels? -- Sandwichman
