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"Is this so bad? Falling into something of a European-type rut with permanent 8% unemployment and modest GDP gains? I remember the 90s. Everyone was buying shit
by 13thLetter 11y ago
"Is this so bad? Falling into something of a European-type rut with permanent 8% unemployment and modest GDP gains? I remember the 90s. Everyone was buying shit non-stop. What kind of life is that?"
It was a pretty fabulous kind of life. People felt rich, there were shiny new buildings going up everywhere, the government's budget was running at a surplus, there was a general feeling of optimism and hope for the future. Given the choice, I'll pick that over trying to come up with reasons why our current situation of general political and economic misery is somehow morally better.
- jonnathanson 11y agoBut obviously the '90s were not sustainable. What we are going through today is the payback period (with interest) for Greenspan's economic policies.
- 13thLetter 11y ago"But obviously the '90s were not sustainable." Sorry, it's not obvious to me at least. Can you explain why they weren't sustainable?
- brownegg 11y agoYou are certainly right that it was fun. But basically the hypergrowth of the '90s was borrowed from the future. All policy was good if GDP grew. Greenspan noodled on the problem--"irrational exuberance"--but unfortunately became convinced the existing pyramid scheme was working. He's since publicly expressed regret over a ton of those decisions.