S&M crash {was: Is council communism anarchism?}

[James Devine]

Max writes: >As your brother in gloom Jones remarks, there is still a long
way left to fall. You've been saying a Depression is brewing. We've only
scratched the surface from that standpoint.<

it should be stressed that a fall of the SM is not the same thing as a
depression (though probably all the LBO talkers knew that). After all, the
SM fell in 1987 without depressing the US economy. It's true that
conditions outside of Wall Street are much worse now than in 1987
(especially outside the US), but we don't know how resilient the US economy
is.

and as my comment to Louis this morning concerning the capitalist
manifestarian suggested, a depression can easily bring out the Tim McVeighs
of the world (and not the AOL-outed gay one) rather than induce progressive
change. It'd be nice if the old "the worse the better" slogan worked. But
it doesn't.

Jim Devine jdevine at popmail.lmu.edu &
http://clawww.lmu.edu/Departments/ECON/jdevine.html