The negative "we're all so screwed/it's a recession-depression/elect Obama and we'll all be saved" meme cheerleaders (prominent in our local blahgosphere) are full of......fear mongering nonsense.
"Regarding the economy, it's hard not to notice this stark contrast: The "real economy" of spending, production and jobs -- though weakening -- is hardly in a state of collapse; but much of today's semi-hysterical commentary suggests that it is."
"Still, economic conditions in the 1930s (average unemployment: 18 percent) were so different from today's that casual references to 'depression' amount to fear-mongering. If catastrophe strikes, it will probably result from something we don't now know or we haven't yet imagined."
On the other hand, if either of the potential Democrat candidates manages to fool enough people into voting him/her into the Presidency in November, and a Democrat Congress gets its way on expired tax cuts for everybody, increased "taxes on the rich" and more entitlements/earmarks/pork, all bets on the economy for '09 going forward are off.
They're probably even dumb enough to INCREASE corporate taxes, INCREASE dividend and capital gains taxes, and find new and innovative ways to separate more money from American citizens who live above the poverty level.
Check out the self-serving nonsense from Cone.
"My newspaper column on Sunday is about the end of free-market fundamentalism, and the hucksters who want help from the Fed without corresponding regulation of financial markets."
I can almost read the the pious hand-wringing and the clarion call for more regulation, most of which will (if previous experience is an accurate predictor) be excessive and wrong headed, and the blame for all of this will most likely be attributed to the "Vast Right Wing/Republican/Bush/Free Market Conspiracy".