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Politics : View from the Center and Left
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To: Steve Lokness who wrote (142260)8/9/2010 4:05:50 PM
From: JohnM  Read Replies (1) of 542043
 
I read the full column, not surprisingly, I read it differently. The paring of stock market bubble with consumer spending bubble involved a discussion of Greenspan's options and an attack on Bush's tax cuts and the mounting deficit/debt.

He looked to be arguing that if the Fed wanted an improved economy, given the tax cuts, the bursting of the stock market bubble, Greenspan had to create a consumer spending bubble. I'm not certain Krugman was all that happy about the options; just working with what was in place.

Given what Krugman was writing at the time on depressions and recessions, this column is an odd one. It would take some time to reconcile the two. And I'm busy with other things.

But the point is that demand, whatever came along, continued to mean that the income disparity and the jobs disparity continued right along.
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