From Mish (click Ten, above):
“The structural problems created by a 25 year credit binge simply are not going to be cured by a two quarter recession that Paulson and other economic cheerleaders will not even admit has started. Peter Bernstein a financial manager, consultant and financial historian agrees. Inquiring minds may wish to take a look at a Wall Street Journal Interview with Peter Bernstein.
“Very few are considering demographics, a change in attitudes by consumers towards spending, a change in attitudes of banks to lend, and the ability of capital impaired banks to lend even if they want to.
“I find it amusing that cheerleaders are willing to see the end of a recession while not even admitting we are in one.”
The most interesting irony is that by chalking all economic talk up to partisan politics, the ostensibly conservative Republicans, of whom I would like to consider myself one, are simply indulging in fiscal denial.
Sorry Tom, whistling past bank failures, granting the Fed vastly increased power over the private sector, record-level debtor nation status, a simply spectacular trade deficit, a nine trillion dollar debt, skyrocketing oil, commodities, gold, and even food prices, an exponential paper money supply, absolutely plunging housing numbers, and what is in everything but official name a socialized, Keynesian fiscal structure, does not constitute a service to conservative, sound monetary policy.
