Political Discussions
What will life be like after the recession?
Posted by meridance • 3/15/09 • Subscribe to this Discussion [RSS] • Report This Topic
Topics: banking collapse, credit crunch, economics, Economy, politics, recession, society
What impact will the recession have on the economy? How can we fix it and what lessons can we learn from it? Will society change much as a result?
User Comments
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Logic would dictate that we would continue to aggressively regulate the financial sector long after the downturn has subsided. History tells us that this will be quickly be forgotten and the banking anarchy will gain prominance again just as it did after the S&L scandal and all those other such scandals, going back to the Jackson administration. For more on that crisis see my 'older' blog post "Voice in the Wilderness" -
I'd like to think we're all learning to buy only what we need, but like everyone else, when I can, I'll probably spend some time on a shopping spree. -
I'm hoping that people will learn that living on credit is a bad idea (that includes the industries that issue credit). It's one thing to use some credit or to borrow money once in a while when you have the means, and another thing entirely to go bonkers and take out huge loans, max out credit cards, and buy into artificial inflation.
Hopefully the mortgage and real estate industries will realize that jacking up prices isn't sustainable, and will cause a major problem when it blows up in our faces.
Moderation is key.-
Adam Smith in his treatise "Wealth of Nations" condemned borrowing for consumption, saying that borrowing for any reason other than producing something of gain would lead to the borrowers ruin.
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Anok- I would just like to add that it was not only so much credit/mortgage companies raising housing prices to unsustainable levels. Part of the problem is the really low qualifying rates for mortgages. In my area, houses could cost upwards in the $600,000+ range with a qualifying $150,000/yr income.
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People who have promoted deregulation will continue to promote deregulation. To them, Republican history began on January 20 and all the problems this country faces are the fault of Obama. A few "independents" will support Obama for a while until the Republicans gain a foothold on some issue, at which time they will flock back to the right. -
The way we're headed...
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No, the Mall will look good since there's $200 million allocated to re-sod it. (or that may have been taken out of the bill)
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I think they might have snuck that back in, but who could make any sence of the umpteenth version there on the Library of Congress' "Thomas" page. It looked like they took a pig apart and stapled it back together.
Porkenstein:(
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I'm really hoping that after the recession we all have mutant powers...that would be so cool...
...that not what you're asking?-
Our banks already have mutant powers...
Does that count?
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Well toxic assets will do that to you
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Not quite, SiuilARuin, but it certainly would be cool - although you just know the laissez-faire mutants would mess it up.
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lax regulation applied to banking is a mutation of classical laissez-faire doctrine. (See also my blog post "The Real Laissez-Faire")
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