Phillips, who has written a lot of books saying this was going to happen, gives an excellent explanation of where we are and what is coming. Also an analysis of both candidates for what they might/might not do next with the economic Titanic that we are facing.
One thing that he mentioned that I particularly liked (well not liked but showed the gravity of the situation) was his explanation of what is going on. Phillips said, "There are seven sharks in the tank with the economy."
"And the first is financialization because we're so dependent on this industry that's sort of half lost its marbles. The second is that you have this huge buildup of debt, absolutely unprecedented anywhere in the world. The third is you've now got home prices collapsing. The fourth is you've got global commodity inflation building up."
"The fifth is you've got flawed and deceptive government economics statistics. The sixth is that you've got what they call peak oil where the world is, to some extent, running out of oil. So it's not just commodity inflation, it's a shortage of oil. And then the last thing is the collapsing dollar. Now, whenever you get this sort of package in one decade, you got a big one. And when Greenspan says it's a once a century, I think it's another variation but on a par with the Thirties."
(Quote from the transcript which is also online.)
5 comments:
I think I will go back to Colorado where I was forced to avoid the news. The whole situation is so dire that it makes me envy an Ostrich.
It is truly mind boggling to realize the degree that GWB has destroyed this country. And to think there are still people who will vote for McCain. How in God's name can they not see? I guess there are still many who don't want to be confused by the facts - their minds are made up.
No wonder that economics is called the dismal science !!
My first reaction is, like darlene, I really envy the ostrich! But if we all did that where would we go -- well, besides down the hole. Let's hope we can make the changes that need to be made, but who knows what it'll take to clean up after GWB. To be sure they won't be made by McCain.
I'm so glad you posted the link, rain. That's quite an interview. I've been watching Kevin Phillips for years. Despite his conservative bent, he's still offers a thoughtful and honest assessment of our financial dire straits. I've been writing my senators and representative. I've even written Chuck Schumer. There's got to be a better way to get through this without undermining our future and enriching the very people who brought our economy to it knees.
Rain, I can hardly wait until you put up your post on today's news about McCain suspending the campaign because of the economic crisis. WTF? I've read the Huffington Post, watched CNN and commentators, watched wishy washy George Bush, and it's so clear this is all about politics. McCain was trained by the War College and strategy is everything. A friend just sent this link: http://www.guardian.co.uk/world/2008/sep/24/uselections2008.johnmccain1
That woke me up.
So, are there debates, or not? It sure isn't dull lately, is it? Thanks for the plug, by the way.
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