Bill GreenLET'S SAY DEPRESSION OUT LOUD
December 4th 2008 03:07
Is everybody getting the subtle message blowing through the ether at the moment that the media is really talking about the approaching depression in quoting the plunging figures that apparently sum up our economy? They don't seem to be able to say it out loud.
I posted a depression story about six weeks ago because the horror of what was still out there. There's the credit card subprime (is that the right phrase?); there is a disappearing consumer group (it's been disappearing for months); and there is the credit default swaps that have to be re-interpreted. My main economist says that this is done by lending institutions to confuse authorities.
They meet and exchange their bad debts and for a time pretend they are valid amounts of money. It';s that post-modernist game of let's avoid the facts.
I've been stocking up on food for sometime now but I've done that before and not needed it. I'm convinced this time.
I posted a depression story about six weeks ago because the horror of what was still out there. There's the credit card subprime (is that the right phrase?); there is a disappearing consumer group (it's been disappearing for months); and there is the credit default swaps that have to be re-interpreted. My main economist says that this is done by lending institutions to confuse authorities.
They meet and exchange their bad debts and for a time pretend they are valid amounts of money. It';s that post-modernist game of let's avoid the facts.
I've been stocking up on food for sometime now but I've done that before and not needed it. I'm convinced this time.
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