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Politics : Politics for Pros- moderated

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To: Rarebird who wrote (118284)	6/5/2005 12:19:36 PM
From: carranza2	Read Replies (2) of 794298

I don't agree with your politics but it's hard to disagree with your characterization. We are at an economic crossroad; things can still be changed, but it takes vision and fortitude, especially since the solutons are not only difficult but unpopular. There is simply no way that lower government revenues can be squared with higher expenditures and lower interest rates. Fallows use of the term "Bretton Woods Two" is brilliant. Somebody is financing our reckless party, and that "somebody," whoever it might be, will have to eventually be paid. Whether we accept that the coming difficulties mght be triggered by Chavez or some other event is irrelevant. It is impossible to continue doing what we do into the future without having to pay for our profligacy. Our infrastructure, educational system, you name it, will suffer. The stock market has ESP. As noted in the article, robust corporate earnings and other favorable economic data in '04 and '05 did not move it past the historical high of '01 because it "knew" that the underlying fundamentals were very much like a Ponzi scheme. If the fundamentals were healthy, we'd be at Dow of near or better 15,000.

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