September 12, 2011
Well, here's our 9-11 Ten Years After Post: American Life, Fear and Squeak-Squeak.
Once they let you get away with running around for ten years like a king hoodlum, you tend to forget now and then that about half the people you meet live from one day to the next in a state of such fear and uncertainty that about half the time they doubt their own sanity. Their boats are rocking so badly that all they want to do is get level long enough to think straight and avoid the next nightmare.
--HST, Fear and Loathing on the Campaign Trail (1972)
Americans learned nothing--i.e., zilch--from the Tragedy of 9-11-01. We still prefer to live in our own remote, insulated caves. Hey, we like it in here.
Posted by JD Hull at September 12, 2011 11:59 PM
It is starting to occur to thinking economists that we lost the War in 15 minutes on 9/11. Bush's actions in taking the planes out of the sky, etc. appear to have mortally wounded the confidence required of sophisticated investors.
Check out a Robert Dugger, with a strong Ph.D and credentials at Hanover Investment and what he calls fiscal adjustment risk
Since 9/11 we have been pouring water on the fire (Keynesian deficits) but as soon as we stop the flames re-emerge.
Recall that it took the massive spending (and winning the War) to recover from the Great Depression. Everything points to the same for the lesser Depression.
The Financial Times just had a piece on how bad the data has been since 9/11
Posted by: Observer at September 12, 2011 07:08 PM