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If I were a Reich man...

By Owen Paine on Friday January 25, 2008 05:54 PM

Gallant ex-secretery Reich is all a-spin over at his blogging camp --


'Twould appear the great American home lot collapse has Bobby in its spell, 'cause now he figures without the borrow-on-tomorrow two-step provided by ballooning property assets, there's just not enough effective demand out there to go around -- at least not enough to keep our consumer market bells ringing lustily away. Hence RECESSION -- maybe worse....

And what of this Congro-confected interim stimulus package? Well, sez Bobby, if you looked at it from the point of view of every underwater householder, it's got serving sizes maybe two sizes two small. And then there's the deficit we'll need to cover the shortfalls -- where's the funding for that to come from, in a country that's not saving even the spared dime?

[cue ominous sub-Wagnerian monster music] -- "overseas"! The horror!

Bobby, keep your shirt on. Warm up some milk. Read Lerner and Vickrey.

Comments (2)


It reminds me of a scene in one of the greatest books of the 20th century - The Master and Margarita.

Satan comes to Moscow in the late 1920s and puts on a black magic expose where he causes 10 ruble bill to fall from roof crying out "The paper bills, citizens, are real money!" But as soon as the bill is handed off to someone else it becomes a soup label or a bee.


nice reference indeed

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