Hi CB, <<market ... did not "cause" the ... economic crisis ... crash didn't cause the recession ... recession didn't cause the crash>> I agree with what you wrote, adding the qualifications that (a) the tepid crash we had was a preview of possibly thundering crashes still to come, and (b) the effect of the tepid crash so far has been quite mild.
If I was locked in a room and not able to exit until I verbalize my answer to cause and effect, I would say "of course, the boom caused the crash, and it just was" for 1929 and for, oh, let me hedge a bit and say 2001/2002.
I do not know that events will be as bad this time around, I sort of doubt it, however, why take a chance? Events hopefully will move faster this time, moving to a highly visible state (unlike Japan) sooner, given all the efficiencies and productivity we have embedded within our communication, computation, and community enhancing machines and networks, and so we will see a beautiful rainbow before reaching the end :0)
I am prepared for many possible scenarios, but I would find the Japan scenario hard to tolerate.
Chugs, Jay |
