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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Amy J who wrote (17559)	2/20/2004 2:56:59 AM
From: Elroy Jetson	Respond to of 306849

I will only repeat the wisdom of economists who, before the economic depression of the 1930's, saw downturns as a necessary liquidation of improper investments - without which no real growth could occur. We need an economic recession in the worst way possible. Virtually all economists created since the 1930's occupy themselves with twisted schemes to avoid the unavoidable through monetary expansion, targeted tax cuts, directed spending - all of it counter-productive. Each type of petty fiddling has given rise to it's own "school" of economics as if locked in some Swiftian parody. None of these "free-market" economists trust the free-market and it's natural cycles but instead pander with the latest best-selling drivel becoming the latest celebrity economist - like the singer Madonna, more famous for creating a spectacle than for their work. econ161.berkeley.edu Harvard economist Joseph Schumpeter (1883-1950)said, "policy does not allow a choice between depression and no depression, but between depression now and a worse depression later: "inflation pushed far enough [would] undoubtedly turn depression into the sham prosperity so familiar from European postwar (WW-I) experience, [and]... would, in the end, lead to a collapse worse than the one it was called in to remedy." For "recovery is sound only if it does come of itself. For any revival which is merely due to artificial stimulus leaves part of the work of depressions undone and adds, to an undigested remnant of maladjustment, new maladjustment of its own which has to be liquidated in turn, thus threatening business with another [worse] crisis ahead"