>Whoosh, unawares I was at a bar and someone mentioned
>the Dow dropped 400 today. Huh? And narry a comment on LBO-list.
It's interesting. Previous downdrafts have typically been greeted in left circles as the onset of the Big One. This time, the mood seems less excited. Maybe this is a new kind of contrary indicator - the relative absence of catastophist discourse where it had previously been endemic might be symptomatic of a mass psychology that underestimates the seriousness of the present situation. I'm still holding to my analysis that we've entered a phrase of troubles for the U.S. economy - maybe something like Japan's seen over the last 10 years (complicated by the fact that the U.S. is a net international debtor, while Japan remains a big creditor). Maybe I've been reading too much of the Elliott Wave Theorist.
Where is the anti-globo crowd now? We need ideas and action!
Doug