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An amazing quote from a TIME magazine article...

  • 27-08-2010 04:06PM
    #1
    cgarrad
    Registered Users, Registered Users 2 Posts: 1,611 ✭✭✭


    The US economy remains almost comatose. The slump already ranks as the longest period of sustained weakness since the Depression. The economy is staggering under many "structural" burdens, as opposed to familiar "cyclical" problems. The structural faults represent once-in-a-lifetime dislocations that will take years to work out. Among them: the job drought; the debt hangover; the banking collapse; the real estate depression; the health care cost explosion and the runaway federal deficit.

    This was taken from Time magazine.

    The weird thing is it could of been written yesterday.

    It actually from the September 1992 issue.

    Its darkest before the dawn for all you contrairians out there ;-)


Comments

  • #2
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,561 Mod ✭✭✭✭johnnyskeleton


    cgarrad wrote: »
    The US economy remains almost comatose. The slump already ranks as the longest period of sustained weakness since the Depression. The economy is staggering under many "structural" burdens, as opposed to familiar "cyclical" problems. The structural faults represent once-in-a-lifetime dislocations that will take years to work out. Among them: the job drought; the debt hangover; the banking collapse; the real estate depression; the health care cost explosion and the runaway federal deficit.

    This was taken from Time magazine.

    The weird thing is it could of been written yesterday.

    It actually from the September 1992 issue.

    Its darkest before the dawn for all you contrairians out there ;-)

    Well there is an important point to be made.

    The US got out of that one with a massive credit fuelled expansion of consumption and financial services together with high profits from cheap goods made abroad.

    That was not a cure to its woes, it was just a temporary band aid. Now there are two choices for the world - we can either try the same trick again and pump a load of money into the world economy and see what happens (although it appears that stimuli are not having the same effect now as they did then) or we can actually try to fix these structural problems.

    The problems of the US and Europe are similar, but the approaches to correcting them are different. Which will be the more successful, only time will tell. I suspect that the US might have some short term gains over Europe but that in the medium term the austerity and stability views of Europe will prevail.


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