Write This One Down

Headline, page one, The New York Times, August 21, 2009:

World’s Central Bankers Voice Optimism About Recovery

It’s all over, this Great Depression III, they say. The stock market is somewhat happy and there’s an unfreezing of the short-term securitization markets, they say. You know, those two things are clearly the engines of economic well-being.

Jesus Palomino! This system is toast.

Write this down and remember it a year from now…

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The stock market is a useful bit of spectacle to distract people from the grimness of their actual lives. I listen to CNBC on the way to work, and marvel at how the traders keep referring to the amazing 50% jump in the Dow since March. They ignore the fact that a 50% increase from a low only recovers half of the 50% lost from the previous high.

Your book is on the way from Amazon, Michael. I’m looking forward to it.

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