Hi AC,
Re: Furthermore, I believe that economic depressions result from only two causes.....
Let me suggest a third:
Unsustainable levels of corruption. In the run-up to the 1930's debacle, we had Sam Insull and his midwest energy octopus trust(nee, Con Ed).
chicago-l.org
Today, it is the IPPs (Independent Power Producers), the malevolent and disingenuous utes like PG & E and SCE, along with the End Runs of the world, i.e. the power marketers, that are truly setting new standards for outrageous self-dealing.
If you want to start a depression in, say, California, for example, a great way to do it is to boost the electric bill for the state from $7 Billion in 1999 to $27 Billion in each of 2000 and 2001. That kind of economic hit is unsustainable, even for a rich state like California.
You can, IMO, blame depressions on the unwinding of greed in the power market and the corrupting force of market power.
-R. |
