Re: [Pen-l] Remember, the recession isn't all bad

["Jim Devine" <jdevine03@xxxxxxxxx>]

This view is not that different from the Marxian view that crises
purge the economy of imbalances (fixed capital, etc.) so that
accumulation can re-start.


> "Remember, the recession isn't all bad: Unsupportable debts are being
> erased. Consumers are rebuilding their savings and lowering their living
> standards to match reality. Workers are exiting dying industries. And
> through distress sales, foreclosures, and bankruptcies, assets are being
> taken away from weak hands and given to strong ones, creating the conditions
> for future growth."
> --Peter Coy, "Is the Jobs Panic Justified?", Business Week, Dec. 22, 2008
>
> Teachers might want to parse almost every phrase of this remark in class.
> Charles Andrews
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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