S&M crash

Charles Brown CharlesB at CNCL.ci.detroit.mi.us
Tue Sep 1 10:57:30 PDT 1998

Yes, I agree with James. A crisis can mean danger and opportunity. Although, a drop in the SM takes away some of the most aggregious taletelling about how wonderful the economy is, the rich will not be the ones who suffer in an economic downturn. And there is very little progressive organizational structure in place or progressive ideology gripping the masses today. There is a danger as to where masses might turn if this is a real economic depression brewing

Charles Brown


Workers of the West, it's our turn.

>>> James Devine <jdevine at popmail.lmu.edu> 08/31 5:09 PM >>>
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

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