Is Financial Ruin The Cure?

Posted on July 7, 2010. Filed under: Ramblings | Tags: , , , , , , , , , |

Lake Calhoun, Minneapolis, Minnesota

Image via Wikipedia


 


Fresh from a fine walk around one of the fabulous urban lakes of Minneapolis – Lake Calhoun, in this case (pictured above) – on a glorious evening to be outdoors, and then along comes this depressing piece of opinion from David Stockman, ex-Blackstonian, former golden boy turned whipping boy of the era of Reaganomics and now sending the signal that the new age of economic austerity and consolidation is dawning. And that we the people, along with assorted governmental bigwigs, irrational optimists and media blowhards, don’t have a clue.


Harsh medicine to come, if Stockman’s right about a massive second shoe – a shoe constructed of iron and embedded in cement – that’s about to crash, a la 1932, onto the global economy.


I do know this – fear sells today. It always has – whip up some healthy paranoia and all that to get people’s attention. But this is getting to be out of all proportions.


News You Can Grit Your Teeth To


Tuning into the economic news of the day is like getting a daily assault from weasels intent on ripping your flesh from your face (credit Frank Zappa’s album Weasels Ripped My Flesh! for that thought).


The cure? I don’t know – hopefully it’s not akin to what a Martin Amis character says about health worries (to paraphrase), “I didn’t want to worry about my health, so I ruined it.”


I for one don’t see a future in financial ruin.


Here’s the link to the Stockman piece:


http://www.marketwatch.com/story/story/print?guid=38970CDF-2531-4DED-9837-61FA3A809A8C



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