To: que seria who wrote (4630 ) 11/10/2001 1:53:27 PM From: Zeev Hed Read Replies (2) | Respond to I don't disagree with the gentleman accurate factual description of what is occurring now. I may disagree with his "high ground" position that this is "bad". I agree we will have to pay the piper and have stated that many times. However, the alternative to attempting a 'soft landing' (which is already going to be hard landing due to 9/11), is not acceptable to me. If the feds and congress do not engage now in a stimulative process, we could see a very severe recession, bordering on depression, and furthermore, some of our trading partners in the less developed world would surely see depressions. Such depressions in the less developed world will, IMTO, bring to severe social unrest, and coming out of such depressions could take 10 years or more. The approach we are taking of leaning against the wind and giving the economy some time to adjust to its inequilibria, would keep ours and the world average GDP more or less constant or even growing a little. The approach advocated by the writer, will bring a fast adjustment alright, very large portions of the world population will be exposed to unnecessary hardship. His approach will also result in concentration of assets into fewer hands, those able to withstand a depression and scoop assets a 10 cents on the dollar, not an outcome which I would advocate.
