Those of us who follow Baker's writing have been watching him predict the onset and subsequent collapse of the housing and credit bubbles for some time. Baker is to be credited for being one of the few economists out there who (a) address the public with any regularity and (b) do so honestly.
Here we go again, into a widespread recession that is going to hugely impact people who merely work for a living, that could have been avoided, if only our economic system, as implemented and managed, did not so exclusively and highly prioritize short-term wealth gains for those already rich, at any cost.
But, then, such talk gets one branded as "socialist"--the concept of moderation in capitalism is apparently indistinguishable from Marxism to some. I am sure Baker continues to have to confront this programmed disposition from the public and the establishment on an ongoing basis. Good for him, and thanks.
Sep 19 2007 - 1:19pm