> Frankly, I prefer this to predictions of 5 of the last 1 crises of
> capitalism.
it took me a minute to parse this, but it is a real gem.
I don't have the chops to go head to head with Patrick but I will say that it seems like we're talking about a matter of degree. What is implosion to you? would you say that, definitely, our recent crisis should be declared an "implosion?" I think it's still way too soon to say so, even if the op-ed pages are willing to freak out. history...
http://arrowfunds.com/files/DDF/Arrow%20Insights%20-%20Market%20Turns.pdf
seems to show the system to be remarkably resilient.
On the other hand, if you listened to Doug's show (and maybe you do) you'd have heard him talking about almost all of the problems coming down the pike (housing bubble, CDOs, Greenspan's faulty logic) that have played out in the last few months--most of which were obviously not common knowledge. To that degree, I think he's mostly been proven right.
Meanwhile, he also seems to have a pretty good position in relation to concrete, popular resistance from the Left which crisis predictors seem to expect will present itself by spontaneous generation. The closest thing we've got to that is the election of Obama and, well, that's not all that close.
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