Dear George,
Fear not! Everything is going to be hunky-dory with the economy, not because it is going to recover, but because it is being overseen by a gaggle of baby boomers, and when boomers say everything is going to be just fine, it will be. Optimism is part of their DNA, no matter how grim the picture.
Just looking at their birthdates is enough to give us all the reassurance we need: Bernanke born in 1952, Summers in 1954 and Geithner in 1961.
They are all men who came to age in America’s golden age of self-indulgence when there was nowhere to go except up and our prosperity appeared to be unending.
Only a child raised on television, like Ben, could declare that we had entered the “Great Moderation” in which the evil business cycle of boom and bust had been tamed,
Who needs regulation and nationalization when you treat finance capitalism like a sitcom in which all problems are resolved by the time the credits roll?
All you gotta do is believe.
Your admirer,
Belacqua Jones
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3 comments:
I know where you are going with the baby boomer thing, and I couldn't agree more.
Our "problem" has as much to do with demographics as anything else.
Think about it.
I know where you are going with the baby boomer thing, and I couldn't agree more.
Our "problem" has as much to do with demographics as anything else.
Think about it.
And part of that demographic is that those with memories of the Great Depression have died off, which is why their children cmae to believe that it could never happen again.
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