As I described earlier, what characterizes what I have called "The Panic of " is 1 declining asset prices in stocks and housing2 increased imported inflation, 3 wage stagnation, and 4 the liquidity trap that has just emerged today. Knowledge is produced in response to questions.
Once you have learned how to ask questions — relevant and appropriate and substantial questions — you have learned how to learn and no one can keep you from learning whatever you want or need to know.
As a result, the middle class looks like swiss cheese, as millions of people ever so gradually have been kicked out. In that month inflation gave way to deflation, and consumers began to slow their purchases of goods.
Poverty now has little correlation to education levels, skills and age. What collateralized housing loans were to the housing bubble of our decade, stocks were to the s.
Then they submitted signed petitions with a list of grievances to school Principal Maria Lopez and the Department of Education. The school is oppressing us too much with all these tests. If so, this could begin another round of the vicious spiral as house prices fall further, leading to further writedowns in mortgage related collateral, leading to further financial calamities and further consumer fear.
But let me step back and compare this period with the unfolding of the Great Depression, for what is happening now is in a number of significant ways quite different, and very susceptible I hope to competent and committed public action aimed at limiting the damage.
School administrators blamed the boycott on a year-old probationary social studies teacher, Douglas Avella. In the news this week, a teacher may get fired because his students thought and acted independently?
Ordinary Americans looked at the retirement balances in their K plans and feared that they would never be able to stop working. In andas I have described in several prior diaries, it was the Main Street economy which declined first, beginning in June Meanwhile the financial economy, typified by the stock market, continued to roar ahead until September.
As somebody who almost two years ago began to write that the "diffused risk" of structured finance could easily transform into "systemic risk"and over a year ago described the period we have entered as an old fashioned "Panic" or "Bust" that would unfold in "s l o w m o t i o n", for example, hereherehereherehereherehereherehereherehereand heredescribing it as a slow, grinding, multi-year destruction of debt to come, this week is certainly one of the particularly bad sudden periods that I knew had to be embedded within that traumatic eventan event that I believe still has years to go before it is complete, and at the end of which both America and the world will seem quite different places.
After that, it is beginning to appear that the next chapter of the Slow Motion Panic will unfold in terrible earnest in A ten year treasury bond on Monday fetched 3.
Here is the point: In our Panic, however, while the housing bubble burst firstnevertheless it is the financial sector that is the epicenter, and Main Street is so far only peripherally giving way.
This may not be Economic Armageddon, but it certainly appears to be Financial Armageddon. Although housing has been faltering since just as the s real estate bubble peaked inother consumer areas have either not fallen or are just now falling to recessionary levels.
And new knowledge results from the asking of new questions; quite often new questions about old questions. This afternoon a 3 month treasury bill fetched 0.
Industrial production, chiefly centered around the auto industry, is also in decline, but not yet at levels equal to or greater than the relatively mild recession. Americans collectively have been living on credit cards and home equity loans, in other words, on fumes.
Avella made us do this," said Johnny Cruz, 15, another boycott leader.
The point is, whatever this suffering has been, it has not dramatically increased for Main Street America beyond gas and food prices in the last year or so, except for those who were caught in the housing bubble.
At the same time, I have continually pointed out that, ex-housing, the "real" economy on Main Street America has not worsened very much at all in We students wanted to make this statement. I wanted to share a "Big Picture" overview of how this Event is similar to and different from the Great Crash of Retail sales are still nominally positive, services and manufacturing in the real economy are not expanding, but not significantly declining either.Then and Now: The Stock Market Crashes of and Downton Abbey and the Inevitable One of the most popular shows on TV right now is Downton Abbey, the BBC’s historical drama about the residents of a grand manor.
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