1929 Repeating Itself?Just the other day I was sharing with a house guest that everything on the economic horizon looks swell... but... I have this gut feeling that all is not well with our national economy. Of course, I added, no one seems to agree with me... maybe I'm crazy or completely out of touch with reality... but...
Here comes another Steven Pearlstein column from the Washington Post!
This guy is starting to make me a believer! So much so that I've added his column to my Google Reader RSS feed file so that I can follow what he has to say on a regular basis in the future.
His December 5 column is definitely worth a look!
He could be wrong, of course... and I could be wrong as well... but SOMETHING just seems out of wack to the both of us.
He lays out a bunch of economic problems that don't seem to have been fully resolved, such as the credit bubble... the mortgage & housing crisis... and financial shenanigans at major Wall Street financial firms, such as Merrill Lynch. He asks the question: If all this is so bad with what we KNOW about about financial company management, why would we then believe that these same senior managers performed any better in situations about which we DON'T KNOW? Good question!
His conclusion? If all this sounds like a financial house of cards, that's because it is. And it is about to come crashing down... this may not be 1929, but it is way more serious than any other financial crisis in recent decades.
Worth reading... thinking about... and perhaps acting upon.
