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Albania 1996/97 is our model. Bush won't be able to sell the SS reform AFTER the pop comes in the stocks.

If the stock market returns are 2 percent over all and some folks are able to get 8 per cent, through trading with one another, then what do the rest of the folks get?

The comparative advantage in today's market place seems to go to the best liar. If it pays, then the Invisible Hand says that is where people will go to occupy their time.

It took people a while to figure it out after 1929 too. One of the points made by John Kenneth Galbraith was that people who ought to know better kept thinking that the bubble would return. He tried to explain it but there really is no explanation. It just is.

Be sure to add Mary Williams Walsh to your NYT's reading list. She does a good job at tracking the whole pension scene.


All the conservatives in DC are too young to have been around in '29, but so are we. So why are we different? We've read the stories and understand that history can repeat itself.

It's funny how cons talk about how great America is. Well, who made it great? Who helped build the foundation that created the middle class? FDR and the Dems who followed, that's who. And if it's so great, why do the conservatives radically want to change it!

Thanks for your pointer to Mary Williams Walsh.

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