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Re: “Economics Fights for Relevancy

Until recently, the consumer spending on borrowed money kept this economy (as well as the world economy) going more than a decade. While, the engine of the past US economic triumph, the manufacturing sector has been systematically shipped abroad for cheap labor, and the housing bubble was deliberately created to provide compensating employment. Unfortunately, unlike manufacturing sector’s output, houses are not something you would consume or you would discard like cars in every 5-10 years. So if you want to keep building new houses you had to sell the existing ones to people who couldn’t afford them. Now that it has run its course and has come to a grounding halt, where do you expect we would create well paying jobs in massive numbers that will produce goods to be purchased by the masses. Meanwhile, the giant financial sector created during this same period is in shambles and the Country is buried in astronomical debt.

James K. Galbraith’s recent article, “No Return to Normal -Why the economic crisis, and its solution, are bigger than you think.” Exposes the problems that you completely overlook.

We are entering a depression that will take this country more than a decade to recover and when we reach that turning point our living standards will be similar to what it was in the late 50s. A recession that faces massive economic problems of structural nature is a full-fledged depression.

Akerlof and Schiller are the kind of jokers whose jobs should have been shipped to China.

Posted by Kurt Eren on 06/29/2009 at 8:49 PM

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