Some antiMilton Friedman fodder...was DuPont's US Lab closure 7
asking Legal and judicial measures have also been adopted to deport illegal Bangladeshi settlers from the country." "Every day around 6,000 illegal infiltrators cross the border and enter the state," said an intelligence official...
On Tue, 16 May 2005, rrc
Washington, D.C., August 22, 2010, 6:15 PM EST. Transcript of video news spot by MV of...
While I'm in general agreement and appreciate the sentiments, I think the economy is more complicated than that. We had mbutt layoffs and millions of jobs lost since the dot plant and our trade deficit kept going up. Two simple factors: i) over the last couple years X businesses offshored jobs as well as "means of production" (so the executives got richer, the laid off got poorer, but the rest of the people kept on buying that data is there), and ii) the rate of personal debt increase is out of control (and no mechanism to stop it (except to throw the country into a slump psychology, which makes things worse); the change in bankruptcy laws, seems to me, to be worthless; what will credit card corporations reposess when they cancel a card or take back a car? This will hurt the economy, too). So, yes, when the real estate bubble blows, yeah, lots of layoffs will follow, and people will lose their buttes in equity as prices tank. Then, the vultures will come in and buy it up maybe 50 cents on the dollar or even way less. The economy might come back, but the offshored jobs will not.
I talked in another post about all those collateralized debt obligations and if that bubble bursts, they were talking about a big hurt, there, too. That CFO magazine talked about securitized receivables just a couple months ago and that was a huge dollar value. Financial instruments have expanded in complexity and size in recent years. That, like the Federal Reserve causing the '29 depression, is where they next one will come from.