Friday, August 14, 2009
RANDOM AMERICAN THEOCRACY
worriers over the possibility that the US had exchanged a stock-market bubble for an even larger credit bubble even had their own web sites where the latest developments and nuances could be monitored with professional aplomb or trepidation. history, to be sure, backed the case for trepidation.
while these examples peel back only the 1st layers of the speculative onion, as opposed to showing a full cross section, they do capture its rank flavor. between 2000 and the market bottom in 2002, when US stocks lost $7 trillion of their $15.5 trillion value, home values held up and then spurted ahead. to critic, the rescue was essentially a rebubbling. should A CREDIT AND FINANCIL COLLAPSE FOLLOW that 2nd stage in the manner that volker + others feared, stock + home prices would presumably sink together, making the 2nd downturn the more destructive of the 2. in which case, imploding consumer debt + the harsh provisions of the new federal bankruptcy code could intereact to YOKE MIDDLE-CLASS DEBTORS IN THE QUASI-INDENTURED status democrats predicted.
worriers over the possibility that the US had exchanged a stock-market bubble for an even larger credit bubble even had their own web sites where the latest developments and nuances could be monitored with professional aplomb or trepidation. history, to be sure, backed the case for trepidation.
while these examples peel back only the 1st layers of the speculative onion, as opposed to showing a full cross section, they do capture its rank flavor. between 2000 and the market bottom in 2002, when US stocks lost $7 trillion of their $15.5 trillion value, home values held up and then spurted ahead. to critic, the rescue was essentially a rebubbling. should A CREDIT AND FINANCIL COLLAPSE FOLLOW that 2nd stage in the manner that volker + others feared, stock + home prices would presumably sink together, making the 2nd downturn the more destructive of the 2. in which case, imploding consumer debt + the harsh provisions of the new federal bankruptcy code could intereact to YOKE MIDDLE-CLASS DEBTORS IN THE QUASI-INDENTURED status democrats predicted.
