This Crisis Is Soley About American-Style Capitalism


  1. Mesa Econoguy:

    The larger issue is how leftists portray (economic) history. Most of it is highly biased, and economically ignorant.

    Fundamentally, all historical movements are socio-economically motivated. McCain’s defeat last year is the most recent example – were the economy robust last year, the outcome of this election would have been very different. Never mind the Democrat failure to capture a supermajority during dire economic straits. Their offering was and is pathetic, because liberals are genetically stupid, followed closely by some Republicans. They should’ve clobbered McBain, but they didn’t, given two bland products.

    Disturbingly, we now have a resurgence of William Jennings Bryan-style pseudopopulism, with Paul Krugman their standard-bearer. The biggest smear target is Milton Friedman, which is laughable.

    These are the same people who brought you the 1970s.

  2. Allen:

    Wasn't it yesterday that I caught a bit on NPR where they were talking about countries that were experiencing big problems despite having no connection to the US' problems, countries like Spain, Ireland and Iceland?

  3. JLS:

    Spain, UK, Ireland, USA have the same problem because they have too much private debt between 120% and 150%. Because of weak lending standard.
    Peter Schiff was talking about that many years ago.

  4. JDW:

    I think the problem with your chart, not to dispute your main point, is that it ends with October. There is pain around the world and several countries are pulling in their horns and scrambling to save their systems. Look at even the oil producing countries--I believe it is Dubai that is canceling their major developments, Russia is in a crisis, and countries in the Eurozone are acting.

    There has been a lot of pain since 10/31 and the downward trend is accelerating, dragging in more around the world.