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Politics : View from the Center and Left

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To: TimF who wrote (103228)	2/5/2009 2:46:10 PM
From: Broken_Clock	Read Replies (1) of 542681

2006 isn't "in the midst of this downturn" at all Tim. 2006 reflects the peak period of the biggest bubble in US(world?) history. China now has massive over capacity. In a downturn like we are experiencing, the staples are what is left after the fluff has been cleaned out. Note that today Walmart noted they 'beat' numbers based on food sales. Overall retail sucked. J6P in every nation is hunkering down. Are we going to export burger flipper jobs? Wall St. traders? Nurses? The numbers for productivity are so skewed than those reflecting the 30's that it would take an economics team to make a valid comparison of apples to apples. But I think it is apparent that in the 30's the US was the leader in industrialization expansion capacity and China wasn't even on the map...much less Korea, and others. In essence, the way for US dominance was wide open in the 30's to gain world market share and today it's every country for itself, ergo overcapacity in essential items equalling deflation. What driver will the US have that will give us an advantage in leveraging our economy out of this slump?

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