stocks and GDP

[Daniel]

Doug wrote: "On the other hand, liberals and populists are often way too
sanguine about government debt finance. The more you borrow, the more
vulnerable you are to your creditors' whims, and the more exposed you are to
a structural adjustment program."

That's because liberals assume the legitimacy of the creditors' rights.
Populists are not always so ready to grant this. After all, bankers are not
usually poster-boys for populist movements of any stripe.

At least progressives should absolutely deny the legitimacy of creditor
rights. That seems to me elementary. And, in the meantime, why not be
sanguine about debt. From a personal point of view, as a two-time bankrupt,
I have never overly estimated the perogatives of my creditors, and it has
worked out very well indeed. (I declared bankruptcy last, by the way, about
three years ago, and today I have two excellent credit cards.)

Quincy