You're a phony. Economists from all ends of the spectrum agree on the main drivers of the business cycle, and why economic busts follow booms. It involves leverage, capital destruction and discretionary income, as I explained. Evidently, you haven't read the work of any "high-ranked scholars" or "people who study these things for a living" because if you did, you wouldn't have said that. Go read what Bernacke or Greenspan said about the collapse and why it happened. Then report back here and enlighten us. As for the rest, hundreds on Depressions around the world. Economies are a human phenomenon..... "Mass psychosis"... lol The only one with mass psychosis is you. You have no clue about economics yet you continually parade your ignorant ass around here as some kind of authority on the subject because your S&P longs rallied 4% on the week. Where were you a month ago? Or 5 months ago? Or last year? It's the same story with you perma-bulls. Every time the market makes a run you pound your chest and take a victory lap while spouting your half-baked theories why everything is coming up sunshine. Buddy, trust me. We've seen it all before. There was a retail bull named stocktrader who used to post the exact same crap for years, right into the '08 meltdown. A fool and his money. That's you.
Actually, it is fear-driven. Considering the fact the US is engaged in hostilities in at least four theaters currently with tax revenues declining and no plan to restart US economic engine. And you clowns are singing "happy days are here again".
Yes, Michael Moore figured that out a long time ago, even made a movie about it. But the other poster is right - life is pretty damn amazing for us Westerners - the problems we face are all about political structures, not about food water and shelter. There is abundant reason to find joy living in the here and now.
the coming depression is already bigger than 1930. If we wished it to be smaller than 1930, we should not have reinflated the internet bubble in 2007 to create a housing bubble. It may not feel like a depression because of ipads and the like, but unemployment will go higher than in 1930.
See that's my point exactly. Who cares whether we are in a recession, depression or whatever. I'm not going to read what Benanke or Greenspan has to say about it as long as Bernanke keeps soothing my nerves with everything he's saying at this time. It's going to be pretty awesome regardless. We're all gonna have cars, we're all gonna have houses and we're all gonna have entertainment. Except for the unemployed, but who cares. I'm not a perma-bull on stocks by the way. If oil keeps its upward momentum going I might have to exit and start looking for short entries. For now though: wheeeeeeee!
If not for QE, the breakdown would Already be here. The Fed is just buying time and are probably scared shitless in private. But, as you say, it is all blue sky and peddle to the metal.
you are joking, right? i just saw my neighbor carrying in 65" plasma TV-set and you want ME to be happy?