Anyhow, economist Art Wolf was also involved in this event, he recently gave a commentary on the present situation to Vermont Public Radio, some words in the introduction struck me:
The economy is in terrible shape. Worse than anyone predicted a year ago. Far worse than economists forecasted as recently as six months ago. And it will continue to decline in coming months. (Emphasis added).Let's see: On March 18, 2008 -- about ten months ago -- I wrote a post entitled "I don't feel stimulated" that pretty much predicted with a high degree of accuracy how things have played out:
I feel like I am living in Weimar-era Germany or some South American banana republic. This 'stimulus' is really more of a bribe passed by feckless and cowardly elected representatives in Washington. It's contemptible and fraudulent, and if the government was a commercial entity (like, say, General Motors) I would wonder if this check -- when it shows up -- would bounce. It could be argued that Americans (addicted to debt, prone to living in McMansions and driving SUVs, etc.) get the government we deserve: "We the people..."I am not being at all original in pointing this out again; I already wrote a post in late September -- "Arranging the deck chairs on the Titanic" -- vainly calling attention to the original "I don't feel stimulated" post: Some days, I feel like Diogenes with his lantern (the anecdote about masturbation in the Agora is pretty funny). A lot of blogging, however, seems to consist of flogging veritable herds of dead horses, so I will make the same tired point again without compunction.
To use another analogy, I feel like I am perched on top of the longest drop on a rollercoaster.... waiting for the plunge, and it's a long way down....
[the post concludes with....]
I expect that the captains of finance who profited the most from the previous excesses, and who are largely responsible for the current mess, will walk away with rich severance packages.
And, on the subject of posts on the present economic situation, I have noticed that variations on "Kondratiev Wave" are showing up the analytics reports of this largely unvisited site; I wrote about this topic back in November 2008.
Since I can apparently predict the future, perhaps I will plan a trip to Saratoga this summer to lay some money on the ponies... that seems as likely a source of income as any of the possible alternatives these days.