[A-List] THE ECONOMY

[kaliyuga@xxxxxxxxxxxxx]

I'd be curious to see others respond to this commentary - yet another
prediction of complete economic collapse, that is always just around the
corner, yet never quite seems to arrive.....

http://www.counterpunch.org/whitney04112007.html

The American people are in La-la land. If they had any idea of what the
Federal Reserve was up to they'd be out on the streets waving fists and
pitchforks. Instead, we go our business like nothing is wrong.

Are we really that stupid?

.....If it is not handled properly, the housing collapse could result in
another Great Depression. America no longer has the (manufacturing)
capacity to work its way out of a deep recession. While the Fed was
sluicing $11 trillion into the real estate market via low interest loans;
America's manufacturing sector was being carted off to China and India in
the name of globalization. Without capital investment and increased
factory production, economic recovery will be difficult if not impossible.

Regrettably, we are probably facing a decades-long economic downturn in
which the dollar will weaken, stocks will fall, GDP will shrivel, and
traditional standards of living will decline.