Seeking Advice

Friday Outlook: Rage Against the Machine

Dr. O,
Clearly you DO listen to a lot (maybe too much) of right wing talk radio and after all there is far more of that on the air then left wing talk (though there is both around). I would not be getting worried by the points raised from any highly biased sources, such as "conservative talk". That isn't to say that things are good or that everything being proposed is good. The fact is, like most of us, I really don't know what's right. It could be that the proposed stimulus saved us from doom as some say (not on conservative radio) or it could be that it was a near complete waste of resources because nothing can really be done to stop the giant deleveraging going on right now in the economy.

I think the main problem is that as a society we have overspent, overconsumed, allowed the creation of dangerous poorly understood unregulated debt instruments, failed to create jreal obs or the basis for economic growth and somehow failed to spot all this for more than 2 decades. Now it's come home to roost. This has occured through Republican and Democratic administrations alike back from Reagan who cut taxes but not spending to match, up through Clinton, George W. and now the current administration. Each administration kicked the can down the road as best they could. I