The Sum of Some Fears: PAUL KRUGMAN;Dozens of civilians die
in Nato airstrikes +
By PAUL KRUGMANTHE NEW YORK TIMES
KRUGMAN: The economic expansion that began in
2001 has yet to produce any significant gains for ordinary working Americans.
And now it looks as if it never will.
THE COMPLETE ARTICLE AND MORE
OP-ED COLUMNIST
The Sum of Some Fears
By PAUL KRUGMAN
Published: July 27, 2007
The economic expansion that began in 2001 has yet to produce any significant
gains for ordinary working Americans. And now it looks as if it never will.
Yesterdays scary ride in the markets wasnt a full-fledged panic. The interest
rate on 10-year U.S. government bonds a much better indicator than stock
prices of what investors think will happen to the economy fell sharply, but
even so, it ended the day higher than its level as recently as mid-May, and
well above its levels earlier in the year. This tells us that investors still
consider a recession, which would cause the Fed to cut interest rates, fairly
unlikely.
So it wasnt the sum of all fears. But it was the sum of some fears three, in
particular.
The first is fear of bad credit.
***
Each new peak in oil prices was met with declarations that it was all
speculation like the 2005 prediction by Steve Forbes that oil was in a huge
bubble and that its price would be down to $35 or $40 a barrel within a year.
And on the other side, as recently as this January, National Reviews
Buzzcharts column declared that we were having a pop-free housing slowdown.
I didnt think many people believed this stuff, but the markets sudden
freakout over housing and oil suggests that I was wrong.
--MORE--
http://mparent7777-2.blogspot.com/2007/07/sum-of-some-fears-paul-krugman-market.html
Posted by CRIMES AND CORRUPTION OF THE NEW WORLD ORDER NEWS mparent7777 Marc
Parent CCNWON
Labels: class, housing, income, Markets, New York Times, PAUL KRUGMAN, Stock
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