. March 4, 2007 SouthAmerica: When my article was published on February 13, 2005 on Brazzil magazine â Some people gave me a hard time about that article. âItâs 2008. The US Has Dragged the World into a Depression.â By Ricardo C. Amaral http://www.brazzilmag.com/content/view/1424/49/ But last Friday March 2, 2007 Paul Krugman had a similar story on his column at The New York Times â "The Big Meltdown." ******** I guess this week the market will continue its slide in New York and so onâ¦â¦â¦ .
I don't read Krugman but I know your asking for a flame war from the Laffler/Kudlow supporters. My hero in the US Gov't is David Walker, who happened to be on the 60 Minutes tv program last night. Walker is in a non-paritsan positon as the US Comptroller (America's chief accountant), in the middle of his 15 year term. He's raising strong concerns that the fiscal irresponsibility practiced by our elected officials and administrators is crippling our Country by recklessly utilizing the nation's credit card and pushing our Nat'l debt onto our children and grand-children. Baby boomers are about to severly burden our entitlement programs and he warns that Congress better get off it's ass, and do something NOW, or we're heading for an extremely serious crisis.
"Wise analysts remember the classic study that Robert Shiller of Yale carried out during the market crash of Oct. 19, 1987. His conclusion? âNo news story or rumor appearing on the 19th or over the preceding weekend was responsible.â In 2007, as in 1987, investors rushed for the exits not because of external events, but because they saw other investors doing the same." Bullshit. Plain wrong history. Krugman of all people ought to read the day by day archives of his own paper.
<i>"He's raising strong concerns that the fiscal irresponsibility practiced by our elected officials and administrators is crippling our country by recklessly utilizing the nation's credit card and pushing our Nat'l debt to the children and grand-children. Baby boomers are about to severly burden our entitlement programs and he warns that Congress better get off it's ass and do something NOW."</i> Too far gone... U.S. is past the point of no return on its way to fiscal meltdown. Not necessarily this year or even this decade, but eventually the debt dependence will harshly come to an end. Those who think the rest of this world will depend on us to sustain the current fiscal hamster wheel forever haven't studied global history enough.