I start a new part of my journey today, I'm going on a recession. Recession is a rather barren earth, whose fruits are less abundant than usual. These people fail over the land of plenty to poverty in a few minutes, the way of a vote in the House of Representatives but also and especially negligence and carelessness of some leaders who have left established a banking system having the very short term after his glasses.
the recession appears to be a very distant land, there is very shortly. She had not invaded the country of Uncle Sam for the year since she was 30 but was postponed at the cost of millions dead and a world war, many saw it as a land uninhabited and finally forgotten. As in Fort Bastiani The Tartar Steppe by Dino Buzati, the sentinels of federal banks have fallen asleep in prosperity and left for the financial system. So that the Tartars were able to reconstitute and infiltrating the global financial sytem, and now everyone takes interest in a forgotten prospect: that prosperity does not fall from the sky, the system is rests on a fragile and uneven management of the planet's resources.
In Cockaigne, we remain confident in the future, at least here in Michigan. TV stations that fall into the paranoia, the Americans do not follow them. They keep, what I saw, a form of confidence in the future, their Manifest Destiny . Friday night, the debate should focus on the state of the global economy but rather the two candidates seemed to agree on their analysis and the Paulson plan. So after debating taxes for the wealthy and health insurance system for all points where their differences, both candidates chose discuss international relations, the war in Iraq where the confrontation was the strongest. The future will tell me if the pessimism is spreading here. Maybe my optimism is that it's right here at the University of Michigan, a handful of economists determine the confidence of American households.
In my house, the crisis is preferred laugh. Saturday night, the evening's theme is in Owen The Great Depression, because we thought it would happen only once.
few days ago, I told my father that the crisis was beneficial in a sense, it had a silver lining to clean up the financial system (read this article Street 89, still above the them) and that may be it should perhaps be left to the invisible hand. That was before seeing the magnitude of the crisis, and especially before discovering that my health is insured with AIG!
The refusal of the Paulson plan does not seem to me a good perspective at a time even if banks have to take much responsibility for their lightness.
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