[PEN-L:31583] RE: "The Late '90s Never Happened"

["Devine, James" <jdevine@xxxxxxx>]

Title: RE: [PEN-L:31581] "The Late '90s Never Happened"

As one economist pithily put it, "What it means is that with the benefit
of hindsight, the late `90s never happened."

this quote reveals the blinkered thinking of orthodox economists very well: it simply compares two points in time, before and after the late '90s. It doesn't do what Brenner does, i.e., indicate that the late '90s left the U.S. economy with major imbalances that aren't going to be purged for quite awhile.

Jim