Really...
They gotta be smoking something, likely the ObamaGanja, 'cuz if you ride the streets of Cleveland, or Chicago, or Memphis, or Nashville, or the small towns in between, you see a succession of boarded-up storefronts and empty businesses, a host of shabbily-dressed and discouraged looking people, along with a few people for whom life has never looked better.
The poverty/public assistance rate is now one in seven. And that's according to the gubb'mint, who knohz 'bout such thangs.
OS increasingly thinks that The Great Recession is a product of the era of The Great Disconnect, in which ThePeopleInChargeOfTheseThings in business, government, ecclesia, culture--all retreated into some sort of bubble of their own making. They tell themselves everything's just fine, and therefore it is.
Sort of like people who, well, smoke ganja all the time.
The NBER even tells us who's been inhaling, in case you're curious. A Who's-Who of the American Academic Bubble.
The current members of the Business Cycle Dating Committee are:
Robert Hall, Stanford University (chair);
Martin Feldstein, Harvard University;
Jeffrey Frankel, Harvard University;
Robert Gordon, Northwestern University;
James Poterba, MIT and NBER President;
James Stock, Harvard University;
and Mark Watson, Princeton University.
David Romer, University of California, Berkeley, is on leave from the committee and did not participate in its deliberations.
Deze boyz ain't been within shouting distance of reality since they left graduate school to take a cruise courtesy of their family trust funds.
OS's gotta go, so he doesn't wind up like those one in seven in Real America.
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