<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> <HTML><HEAD> <META http-equiv=Content-Type content="text/html; charset=iso-8859-1"> <META content="MSHTML 6.00.2900.2722" name=GENERATOR> <STYLE></STYLE> </HEAD> <BODY bgColor=#ffffff> <DIV><FONT face="Helvetica LT" size=2>So the argument is that ideology drives history?  I can see it in this case since it seems the same kind of irrationality created the bubble in the first place.  Makes sense that it could also make it collapse.  </FONT><FONT face="Helvetica LT" size=2>But then isn't the real reason for the collapse--at least in these cases--a  return of the material world to upset the smooth logic of the ideology?  This, of course, would help amplify any change many times over--which makes the new perception a co-determining factor, but in this case, it is somewhat true.  So is there ever really a recession that is separate from the results of some mass delusion or does it just become more volotile when you have an institution like the stock market? </FONT></DIV> <DIV><FONT face="Helvetica LT" size=2></FONT> </DIV> <DIV><FONT face="Helvetica LT" size=2>-s</FONT> </DIV> <BLOCKQUOTE style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px"> <DIV style="FONT: 10pt arial">----- Original Message ----- </DIV> <DIV style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><B>From:</B> <A title=srobin21@comcast.net href="mailto:srobin21@comcast.net">Steven L. Robinson</A> </DIV> <DIV style="FONT: 10pt arial"><B>To:</B> <A title=lbo-talk@lbo-talk.org href="mailto:lbo-talk@lbo-talk.org">lbo-talk@lbo-talk.org</A> </DIV> <DIV style="FONT: 10pt arial"><B>Sent:</B> Friday, October 14, 2005 1:00 PM</DIV> <DIV style="FONT: 10pt arial"><B>Subject:</B> RE: [lbo-talk] a question regarding the future</DIV> <DIV><BR></DIV> <DIV>So true. That is why they used to -before the 1930s anyway- call recessions "panics." SR</DIV> <DIV> </DIV> <BLOCKQUOTE style="PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #1010ff 2px solid">-------------- Original message -------------- <BR><BR>> <BR>> But it's not just telling you how people "tick": if everybody thinks a <BR>> bank is going to fail and they draw out their money--the bank will fail! <BR>> This gloominess can have real, material effects. That's a strange <BR>> thing about economic issues: if enough people perceive a certain <BR>> economic reality, and then act on the basis of that perception, they <BR>> can bring about the state of affairs they perceived--even if it was <BR>> originally a misperception! <BR>> <BR>> Miles <BR>> ___________________________________ <BR>> http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk </BLOCKQUOTE> <P> <HR> <P></P>___________________________________<BR>http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk</BLOCKQUOTE></BODY></HTML>