Tuesday, August 25, 2009

Same as it ever was

I spent a lot of this August sitting there and looking at that. I did the same thing in August 2008 and August 2007: thank you Susan and Claude!

What I see is an agricultural landscape that France takes care of, and Charolais cows in the afternoon. What I see is the possibility of not destroying everything and not finding new ways to decline. I see from the chair the past, I see the future.

Above I see no Internet. I get none of the hallucinatory "we're on the mend" central banker crapola as in my Google news. I get no CEPR reality in the form of a continuing crunch. But do read this reality (and this). It fits with what I hear from folks like my commercial real estate developer Uncle Russ about enormous debt hangovers, lack of spending power, and other structural issues that will keep the economy from looking like 2006-07 for years to come.

Could we try something else now? Start with the picture.

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