Almost Everyone is a Cretin

Financial turmoil evokes 2008 comparison

 My main problem is that the article seems to be treating 2008 and today as different problems and events rather than the single recession/depression it is. And it will be a depression before long. Of course most economist couldn’t predict a loss or gain of blood if you heaved a brick at them. The Neo-Keynesians didn’t predict the crash and they apparently can’t put two and two together to see whats coming.

Aaaand here’s a quote from Larry Kantor of Barclays Capitol: “I don’t think there is a U.S. debt crisis right now, and European debt is not held as broadly as mortgage debt or derivative debt was back in 2008. The prospect of a 2008-like drop in the market is remote.”

So the S&P downgrade was meaningless. Well then, back to work everyone we are a-ok. 



Don’t Worry. The Economy Will Be Alright.

(CNN) — With little good news coming out of Wall Street or Washington, President Barack Obama plans to tout his administration’s role in an economic renaissance percolating along the west coast of Michigan during a scheduled visit Thursday.

America is saved! Holland,Mi is percolating and the good times are here again!

Read the rest here.

And the city has an unemployment rate of only 9%.  That is great. It is also almost assuredly wrong, of course. Those sorts of figures tend not to include some groups that would bump it higher. The groups include those who have stopped looking for work (marginally-attached) and those who are working well below their education and ability level. (underemployed/involuntary part-time). Basically a lawyer working retail. This takes the job from someone who could actually use it. On the other hand lawyers being kept out of the courtroom probably doesn’t hurt. However it does mean that someone with debt from college will be stuck with it for some time.