Greetings. I am somewhat surprised by the silence on many of the lists to
which I subscribe. Are we in the midst of an economic crisis that challenges
conventional wisdom about the appropriate boundaries of government and
markets? Or is this a cyclical downturn that tempers the excesses of the 1990s?
I find these developments consistent with the diagnosis of crisis:
waves of bank failures touching substantial proportion of mortgage-holders
http://hosted.ap.org/dynamic/stories/O/OBAMA_ECONOMY?SITE=CAVIC&SECTION=HOME&TEMPLATE=DEFAULT
near collapse of auto manufacturing
http://hosted.ap.org/dynamic/stories/O/OBAMA_AUTOS?SITE=SCCHA&SECTION=HOME&TEMPLATE=DEFAULT
prospect of massive state budget deficits --- layoffs, days without pay, etc.
http://www.vvdailypress.com/articles/budget_10931___article.html/fireworks_legislative.html
collapse of value in pension assets. The Pension Benefit Guaranty
Corporation ia feeling the strain.
http://www.boston.com/news/nation/washington/articles/2009/03/30/pension_insurer_shifted_to_stocks/?page=full
Is this merely the business cycle or something more profound? Actually, the
answer is easy. The business cycle is sufficiently amorphous as a concept to
include all possible economic outcomes.
Call any period of retrenchment a "market correction" and the "crisis"
disappears.
Just curious. Private e-mails welcome.
David C. Jacobs
Associate Professor of Labor, Business, and Society
Earl Graves School of Business and Management
Morgan State University
Baltimore, Maryland
http://dc.david.jacobs.googlepages.com/welcome.html
Religion and Work: Introduction to a Symposium:
http://dc.david.jacobs.googlepages.com/DJexcerpt.pdf
BUSINESS SCHOLARS SUPPORT THE EMPLOYEE FREE CHOICE ACT
http://dc.david.jacobs.googlepages.com/businessscholars.html
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