Bursting Bubbles - Why the economy will go from bad to worse
By Dean Baker - In These Times - May 9, 2003 http://inthesetimes.com/comments.php?id=185_0_1_0_C
Where is the best place to go for good advice about the stock market and the economy? The Wall Street Journal, Business Week, Fortune? If it is late 1999 and the stock market is soaring to record highs, the correct answer is In These Times. In December 1999, when the economic and political establishment was singing the praises of the "new economy" and promising an era of unparalleled prosperity, In These Times ran "After the Fall," a cover story by Dean Baker, which explained that a stock market crash was inevitable. Baker also warned of some of the consequences of the crash - downsized 401(k) retirement plans, a funding crisis for defined-benefit pension plans, shriveling endowments for universities and foundations, and a recession pushing the unemployment rate up past 6 percent.
-- Marta Russell Los Angeles, CA http://www.disweb.org