There are worries … and then there are worries

November 30, 2009

David Goldman sums it up:

Far more worrying [than Dubai] is the commercial real estate problem in the United
States, the continued high rate of homeowner deliquency, the huge
backlog of foreclosures–in short, the whole range of problems that stem
from an effective unemployment rate (including “discouraged” and
underemployed workers) of 17.5%. The cumulative effect of the popping
of innumerable mini-bubbles, none of which are large enough to take
down the system but all of whom together constitute a millstone around
the neck of the banking system, will keep lending weak and the economy
in very, very prolonged recession.

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…but the stock market is still up…and housing prices are risingand if I click these ruby slippers together and chant “There’s no place like home. Nam Myoho Renge Kyo.” surely things will get better without actually having to institute appropriate and sensible public policy.

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