A Level Gaze

"What effect must it have on a nation if it learns no foreign languages? Probably much the same as that which a total withdrawal from society has upon an individual."
--G.C. Lichtenberg



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Bob. A damn fine comic.

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Friday, August 02, 2002
 
Paul Krugman's latest column is, as usual, right on the money. But he doesn't go far enough. If the only thing between us and a serious recession is the strength of the housing market, we've got bad troubles. Among the problems we're facing: GDP figures trending strongly downward, a crisis of investor faith, shaky corporate profits, huge pension liabilities, an unprecedented decrease in the wealth of consumers, extremely high levels of consumer debt, a near-certain liquidity crunch due to serious bank troubles, a sliding dollar which is both the result, and cause of further, declines in foreign investment, rising unemployment, and a ballooning federal budget defecit that will soon put strong upward pressure on interest rates.

At least the fundamentals are strong.