Current Downturn???

[mike]

Whats peoples thoughts for the prognosis of the intermediate term of the economy.
Is the 70% drop in the NASDAQ due to a economic bursting bursting or do they mirror some more important long term secular trend.   Is the accumulated levels of consumer debt necessitating forced savings and   is this causing considerable problems on the demand end of the economy?
Has the redistribution of wealth upward starved spending in the economy and are we going back to the usual pattern of more money for the top 1%, stagnation for everyone else.  Is foreign investment
drying up because of better opportunities elesewhere producing considerable capital outflows?   I
Is the high real interest rates starving investment?   What are the positive economic signs in the
intermediate term for preconditions for meliorating the skewed distribution of wealth or the 
immanent decline into recession.

                        --mike
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