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The next bubble
Tuesday, December 09, 2008
They should have started with someone other than Peter Schiff in this CNN panel discussion. After everyone understood that easy money can't be both the disease and the cure, they all start talking about the next bubble, as if it were just part of the business cycle. Amazing...
4 comments:
Yeah, they seem to say that extreme bubbles are a normal series of events, unavoidable because the only way to get out of a recession, any recession, is to blow another bubble. The idea that the extremer the downswing, the extremer the upswing, seemed particularly backward.
This is why I don't bother watching CNN. Or Fox. The level of discussion in this panel got off to a good start with Schiff, but went quickly downhill into absurdity. Jackass presenters don't understand economic and financial issues, and cannot convey them accurately to an increasingly dumbed-down, poorly educated viewership.
I am soooo glad that I am not paying for that 'information'. I wonder if those know it all reporters, with their oh so effective manipulation of the direction of the conversation, have any idea how much trouble their paychecks are going to be in.
One things for sure: if the car companies go under, or even cut back, those reporters are going to be hurting.
I agree with the cutting of taxes because it should help with spending. Also when they talk about credit i think that is the most important issue the consumer need to know that there are pleanty of available lines of credit being offered
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