An empire of consumption

Daily Reckoning
by Byron King

09/01/09

The big problem — obviously, the headline issue — with the US economy is too much debt. (That’s the BIG problem. There’s a long list of other problems after that.) And the debt problem is getting worse, not better. Debt is ubiquitous across US society. Debt permeates the culture. Practically the whole nation has bitten off more than it can chew. Within the past two generations, the US economy has transformed from what Harvard historian Charles Maier calls an ‘empire of production’ (which is what won the Second World War, for example) to an ‘empire of consumption...

//dailyreckoning.com/an-empire-of-consumption/

 

New bull, new bubble, new meltdown?

MSN MarketWatch
by Paul Farrell

09/01/09

Something’s in the air. You can feel it. A new bull. Hype? Maybe, but also a roaring new bull — and eventually another meltdown. Television is a metaphor for our cycles, so see how America’s becoming a huge ratings competition. Yes, Americans want another bull, another bubble, even another meltdown. Guess what? It’s already here, folks. The next big market-economic-business cycle has arrived ahead of schedule. This is what makes us America. We love challenges, risk-takers and winners. The nobody who suddenly becomes a big somebody is the biggest of all TV metaphors for who we are...

//tinyurl.com/mwycqu



The undead of the banking world

Freedom's Phoenix
by Bill Bonner

The world economy is recovering, or so people believe. Stocks are going up — led by the banks. But are the undead of the banking world really stronger? Ha ha … don’t make us laugh. But the world seems to believe it.” (09/02/09)

//tinyurl.com/ll6lmx


Informant: Thomas L. Knapp

 

//freepage.twoday.net/search?q=US+economy
//freepage.twoday.net/search?q=bubble
//freepage.twoday.net/search?q=consumption
//freepage.twoday.net/search?q=debt
//freepage.twoday.net/search?q=recovery
//freepage.twoday.net/search?q=Paul+Farrell
//freepage.twoday.net/search?q=Bill+Bonner

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