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In Reply to: I was wrong ... posted by Mart on February 26, 2000 at 17:51:14:
hi,
since we can't seem to stop, here goes. One fo the things that still echoes in my mind is your unhappiness over the lack of economic progress
in your area. Same situation here, we both live in economic backwaters.
I mentioned those books in the hope you would get an understanding of
the web ( the plain old spider kind ) that an economy forms of producers, and suppliers, and why they cluster where they do, at polls of labor and capitol.
Then there is the thorny matter of the realtionship between an economy and the political structure that accompanies it. The two form a kind of marriage.
It's funny the things that stick. Nixon was a terrible president, but the thing that i will never let go is this. He cut the budget on Hubble so that it could not be tested, then cut it again, which wound up consigning it to a garage for about 20 years. My mother, an avid amateur astronomer, died just before Hubble was repaired in space. That, along with the poor
treatment NASA always seems to get at the hands of Republicans, alienates
me from that lot. My best judgement is that NASA is vital to the future of the human race, and to treat it cavalierly is criminal.
There are other issues, but the only one i will mention today is the peculiar way they handled the banking crisis. When Reagan took office, he inherited some serious bank problems. The commercial problem was entirely
ignored ( Carter's group never got that far either ); but Don Regan's
choice to drive the Savings and Loans under, draining their assets into the stock market, was venal. It also will cost over $600 billion when the payments get finished. The Commmercial problem also got worse during this period, and the neglect of that pushed the total bill over a trillion.
The fact that this was illegally concealed is not particularly savory either.
There is a reason i mention it. When Nixon flooded the economy with money to win his second term, the economy was not able to absorb it; and it kicked off a nasty inflationary spiral. This time, the flood of money
from the bank diaster that Don Regan created was absorbed. And it provided
part of the economic background that created our current boom.
One of the more impportant elements of the boom is also the most obvious, the 'baby boomers' are in their peak earning years; and they
are investing heavily in the market for their retirement. What has not apparently occured to them is that they will also want to withdraw funds to
cover retirement expenses, again all at about the same time. If there is not a counterbalancing inflow of funds from outside the country; this could easily result in the reversal of the market gains of the last decade.
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Follow Ups
- related stuff - late 09:18:00 02/27/00 (3)
- hope this helps ... - Mart 19:39:13 02/27/00 (2)
- Re: hope this helps ... - late 08:31:04 02/28/00 (1)
- Re: hope this helps ... - Mart 15:02:42 02/28/00 (0)
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