With the Democratic Convention in Boston, the Era of Greed could be
over. The Great Greenspan Bubble Economy of the last 20 years could
be coming to an end.
Consider:
Today's Wall Street Journal was a veritable ODE TO GLOOM!
The Japanese are pulling back from financing the US Deficits. China
isn't buying bonds either. The Dollar is weakening for macro, alas
not micro or market reasons.
And, sooner or later, "sooner or later" will kick in on
the dollar and the deficits.
And, probably a lot sooner than many people think
UAL is apparently going to default on their pension plan and force
their retirees onto government pensions! And, AMR is hitting some
turbulance again.
German workers are now desperately trying to "compete" with Chinese
Coolie Labor it seems. Good Luck.
The rich are "optimistic" but can't seem to think of anything they
want and need to buy! And, the poor are getting poorer, per usual.
MY HUNCH IS THAT WE ARE ENTERING A RE-ADJUSTMENT PERIOD WHERE THE
BALANCE BETWEEN CAPITAL AND LABOR WILL BE RESTORED.
SOME SERIOUS RE-DISTRIBUTION IS IN ORDER. THE WORLD ACCORDING TO
GREENSPAN WHERE CAPITAL IS ALL THAT MATTERS, AND LABOR IS MERELY
TOLERATED, IS OVER.
THESE THINGS HAPPEN OCCASSIONALLY; PERHAPS EVERY 50 0R 60 YEARS.
DON'T PANIC! IT'S QUITE "NORMAL" REALLY. AND, NECESSARY IF "THE
SYSTEM" IS TO SURVIVE AND RE-BALANCE. OR AS THE "G-MAN" MIGHT
SAY: "ACHIEVE EQUALIBRIUM."
SO PERHAPS, LET'S CALL THE COMING JOHN KERRY YEARS......
"THE NEW NEW DEAL?"
Postscript: Long Long overdue. But nature abhors a Disequilibrium!
So cheer up over at the WSJ! Trust me, it's all to the longer term
good.
Maybe even, I here predict, WSJ WILL ENDORSE KERRY FOR PRESIDENT!
Hey, stranger things have and will happen......so stay tuned.
