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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Grandk who wrote (82587)6/12/2007 3:18:23 PM
From: GST  Read Replies (2) of 110194
 
<The culprit being a surging global economy and poor monetary policy at home> Those are certainly two aspects. But to stop there is to miss so much of what else is going on. At the very least add in US fiscal policy and completely ineffective energy policy. We depend on cheap oil. Cheap oil is now gone and it will get worse. We depend on cheap credit -- not just from the Fed, but from a multitude of other offshore sources -- and now cheap credit is gone. We rely on labor -- with hundreds of millions of workers mobilized in China being the most obvious source -- but cheap labor is about to be gone as well. Privately and publicly we live way, way beyond our means -- and now we are going to start paying for that. Monetary policy is but one aspect.
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