Re: A Big Story, Missed (Samuelson)

Phil Scott wrote:

.
spin.
The article and attached comments ignore the fact of a speculative housing bubble and the threat that poses to banks, 

That's mostly Fannie Mae paper. The only real danger is
that individuals holding real estate will end up with
nothing, or bankruptcy.

What will happen is that this excess inventory will
become liquidated as Baby Boomers retire, freeing
up supply. It'll either drive price down, or
flows of transactions will simply stop.

the fast devaluing USD in world markets, 

http://www.x-rates.com/d/EUR/USD/hist2005.html

See the Euro. See the Euro fall. Fall, Euro, fall.
A stronger dollar would make our trade balance much
worse than it already is.

> loss of US labor
markets, 

Either there is a metric which shows this at 5% -
roughly the turnover noise figure plus a percent
or two - or there isn't.

*Is* there an army of forgotten chronically unemployed,
studying the Unabomber Manifesto out there?

> and points to superficial indicators to support a 
bogus theory that all is hunky dory.... it isn't.



Then why are there no professional economists who
can coherently make a case for this? Krugman
spends most of his time with his foot in his
mouth.

The probability that they're all bought off
seems pretty low. Has Karl Rove ordered them
all asassinated? :)

If this cannot be conclusively
shown, then what are we to make of that?

An economist who could prove this would
have a best seller on his hands. Where is it?

Phil Scott


--
Les Cargill
.

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