Rod Dreher

Rod Dreher

Bad economy! Bad, bad economy!

Take this tour through some recent economic charts from the Federal Reserve to get a picture of how terrible our economy really is. Seriously, it’s staggering stuff.

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Abelard Lindsey

posted July 21, 2010 at 6:17 pm

Actually, the real economy (manufacturing and science-based technology) is coming back. The semiconductor industry is expected to grow 27% this year and MEMS is expected to grow 15-20%. Also, I’m getting more calls from recruiters for manufacturing and technology engineering and technical sales jobs.
Its all of the bubble fluff (real estate, financial services, etc.) that’s in the tank right now and will probably remain there for a good 5 years. Anything that bubbled in the past 10 years will probably go away for good. Everything else will be OK.
I think if we can get back to being a manufacturing and engineering based economy built around small to medium sized companies, like what we had from 1980 to about 1995 or so, we will actually be better off than we were during the bubbles.

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posted July 21, 2010 at 7:36 pm

When they bailed out the banks, they turned most people’s realities on their heads, and now people are unsure of everything. I understand a world where people have lots of money and I don’t. That’s fine. If I work really hard, I might have a lot of money myself someday, or maybe not. And if the wealthy are foolish, they may end up with nothing. I can navigate in that world. But a world where the government decides who can fail and who can’t? Screw that.
They destroyed something fragile when they rescued those banks. They think the potential consequences of letting them fail were bad? Try the consequences of morally confusing the daylights out of a whole nation.

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posted July 21, 2010 at 8:31 pm

Re: When they bailed out the banks, they turned most people’s realities on their heads,
The Feds bailed out Citibank back in the late 70s because it was already too big to fail– and then also bailed out Chrysler too.
While I’m sure there was some controversy about both actions, I don’t believe there was all this breast-beating and woe-saying as there is over the current bailouts. If then the world didn’t turn upside and inside out, cats partying with dogs, pigs flying and the sun rising in the west– well, why is it such a big to-do now?
Not that’s there’s nothing to criticize, mind you. But it’s not unprecedented nor some sort of epochal change in the world.

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