[Peace-discuss] Recession analysis

[Jenifer Cartwright]

Yeah, Onion News is the greatest -- can't believe I never knew about it until earlier this month!
Meanwhile (I just googled for data and found this on Fox News, so you KNOW it's true) 2.5 million homes are expected to enter foreclosure this coming year. Hey, maybe it's Divine Retribution for leaving all those (4 million) Iraqis homeless...
 --Jenifer

--- On Wed, 7/16/08, C. G. Estabrook <galliher at uiuc.edu> wrote:

From: C. G. Estabrook <galliher at uiuc.edu>
Subject: [Peace-discuss] Recession analysis
To: "Peace-discuss" <peace-discuss at anti-war.net>
Date: Wednesday, July 16, 2008, 12:55 PM

[The best account I've seen. --CGE]

	Recession-Plagued Nation Demands New Bubble To Invest In
	July 14, 2008 | Issue 44 o 29

    WASHINGTON--A panel of top business leaders testified before Congress
    about the worsening recession Monday, demanding the government provide
    Americans with a new irresponsible and largely illusory economic bubble
    in which to invest.

    "What America needs right now is not more talk and long-term strategy,
    but a concrete way to create more imaginary wealth in the very
    immediate future," said Thomas Jenkins, CFO of the Boston-area Jenkins
    Financial Group, a bubble-based investment firm. "We are in a crisis,
    and that crisis demands an unviable short-term solution."
    Enlarge Image Recession Expert

    A prominent finance expert asks Congress to help Americans rebuild
    their fictitious dreams.

    The current economic woes, brought on by the collapse of the so-called
    "housing bubble," are considered the worst to hit investors since
the
    equally untenable dot-com bubble burst in 2001. According to investment
    experts, now that the option of making millions of dollars in a short
    time with imaginary profits from bad real-estate deals has disappeared,
    the need for another spontaneous make-believe source of wealth has
    never been more urgent.

    "Perhaps the new bubble could have something to do with watching
movies
    on cell phones," said investment banker Greg Carlisle of the New York
    firm Carlisle, Shaloe & Graves. "Or, say, medicine, or shipping.
Or
    clouds. The manner of bubble isn't important -- just as long as it
    creates a hugely overvalued market based on nothing more than whimsical
    fantasy and saddled with the potential for a long-term accrual of debts
    that will never be paid back, thereby unleashing a ripple effect that
    will take nearly a decade to correct."

    "The U.S. economy cannot survive on sound investments alone,"
Carlisle
    added.

    Congress is currently considering an emergency economic-stimulus
    measure, tentatively called the Bubble Act, which would order the
    Federal Reserve to begin encouraging massive private investment in
    some fantastical financial scheme in order to get the nation's false
    economy back on track.

<end excerpt from http://www.theonion.com/content/node/82504>

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