J Walking

J Walking


Collapsing economy?

posted by David Kuo

The financial news continues to stink quite a bit:

Wall Street suffered its second big drop in a week Wednesday, with investors worried about spreading fallout from the credit crisis at banks and about a dollar that just keeps getting weaker. The Dow Jones industrial average fell more than 360 points — just about matching its pullback of last Thursday.

All of this makes me think again about my Yertle the Turtle theory of economic collapse

I fear that our economy has Yertle-like tendencies – we are built atop so many other
countries, so many grand assumptions about continued ravenous consumption of more and more and more stuff, and worldwide greed to match ours that sometimes I just wait for Mack to raise his head for our economy and wealth to go, “Plunk! in the pond!”



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Adam S

posted November 8, 2007 at 10:05 am


The inter-relatedness of the world economy is a good thing. It means that recessions are shorter because we are so related to the world economy and good times are more moderate (which is related to why recessions are shorter.) Alan Greenspan’s book has a good chapter on why the inter-relatedness of the world economy is a good thing.
The consumption based economy, well that is another matter.



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liz

posted November 8, 2007 at 10:07 am


At 40, with a college education& military experience, a productive working member of our society should not see their standard of living decreasing with way it is. I am working longer and harder yet still not able to keep up.



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Doug

posted November 8, 2007 at 11:25 am


It is galling that these challenges will be blamed on immigrants who improve the economy and trade that’s necessary for the economy. This is truly a demagogue’s era and I might change my opinion on waterboarding if they’ll start with Lou Dobbs. In fact, I’ll even offer to be second.



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canucklehead

posted November 8, 2007 at 11:43 am


Welcome to the real world, my Yankee friends! For the better part of 50 years (my lifetime), our Cdn dollar vascilated between 60 and 90 cents compared to the American greenback. Thus, for most of my life, I’ve paid big bucks to buy books, tuition and vacations from Uncle Sam.
Today our dollar opened at $1.09USD. So you’ll forgive me, won’t you, if I feel just a smidgen of delight at this turn of events? To reward ourselves, we just bought a fantastic 7-day all inclusive deal at a beach-front resort in Hoboken, NJ.



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brad

posted November 8, 2007 at 1:23 pm


I look back to the days when Nixon pulled back the backing of the US Dollar by Gold, and deflated the dollar then. Now, as the US economy has puffed itself up on fictional financing of Credit Credit and more Credit the “minimum payment” society is finally catching up with itself



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Adam S

posted November 8, 2007 at 3:12 pm


Really people should be required to understand some basic economics. Immigration improves the economy. You may not be getting paid more, but you can buy more with what you get paid. Is the economy getting more cut throat, yes. But choosing to get off the globalization boat isn’t going to help. Educating our children (something we really don’t seem to be putting much work into) is the best thing we can do to keep our dollar strong (that and not fighting a bunch of dumb wars while giving tax breaks and drastically increasing domestic spending.)
Seriously, we are making things worse by trying to shut down immigration and restricting access to our colleges by internationals. The government now wants to restrict internationally student’s access to our university labs. Who do you think is at those labs, 70 percent of hard science grad students are international students. Restricting their access is not how we are going to increase our international standing or our economy. And it is not going to improve US students access to those labs. It is also not going to make us one bit safer. We are making it so hard for the people that want to follow our laws that pretty soon the only immigrants we are going to have are the ones that are willing to break the law.
End of rant, sorry



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Doug

posted November 8, 2007 at 5:36 pm


Absolutely right, Adam. Is the “S” for Smith?



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Larry Parker

posted November 8, 2007 at 6:47 pm


Doug:
You’re a man after my own heart when it comes to Lou “Mexicans Are Only Good For One Thing” Dobbs …



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Doug

posted November 9, 2007 at 10:50 am


Quesedillas?



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SkipChurch

posted November 9, 2007 at 11:38 am


If we don’t have foreign nationals in our labs, science stops. Game over. Never mind the students. The Post Docs, the Research Associates, all that more junior level of technician and scientist: these guys are all on visas.I put an add in Science magazine. The top 40 applicants were: 39 Indians and Chinese, one American. This was in Neuroscience. I think in Physics you get more Russians in the mix. I’m talking here exclusively about Ph.D’s or MD/Ph.D’s. We’re taking the cream of the crop out of these countries, for very modest salaries. This is a ridiculously good deal for America.
Okay. Immigrants ag workers. You want to get the crop in, you’ve got to have these Mexican and Central American workers. That’s all there is to it. I’ve been through the blueberry fields in Hammonton NJ and it’s all Hispanics.I’ve been through the seafood processing plants: all Hispanics. Sorting squid all day, about 60 degree in there. That is tough, tough work. Dopes like Limbaugh seem to think you can get college students to do that on their summer vacation, but forget about it.Today’s college students would not last out the first week in blueberries or cranberries. My bother harvested cranberries in the 70s and I harvested peaches. Don’t get me started about how hard that work is. Ain’t no time to text your friends out there. Igloo cooler at the end of one row, porta-potty at the other end.
End of screed.



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SkipChurch

posted November 9, 2007 at 11:39 am


*blush* an AD…



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Larry Parker

posted November 9, 2007 at 1:25 pm


Doug:
I can’t actually put the “one thing” on David’s blog, per ROCs.
But note who Dobbs is married to …



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Doug

posted November 10, 2007 at 7:14 pm


Whoever he’s married to, Larry, I’m pretty sure the answer is quesadillas.



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Larry Parker

posted November 10, 2007 at 10:34 pm


Doug:
You think far too charitably of me … :-)



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