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southern oregon | I was a little put off by the authors' gushing over Volcker and his debasement of Bernanke. The fact is that Bernanke has far fewer options than Volcker had thirty years ago, which the author admits. This crises has been brewing for decades, Bernanke is in a tough spot, maybe impossible, all the while the only thing collective America continues to care about is the maintaining of the good life. As long as there's still room on the national credit card every thing's OK.
We've been oblivious to the threats to our economy that have been building over the last few decades; escalating debt, globilization, rising energy costs, corporate consolidation, social decay, etc. We're now startled that cracks are beginning to form from the strain, and true to form, rather than look in the mirror and assign our own share of the blame, we put it all on Bernanke, Obama and others in positions of power.
Edited by JR Or 9/18/2010 14:25
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blog discussion of the inflation of the 80's and how it could be relevant to today
