[lbo-talk] [Marxism] Subprime crisis

Patrick Bond pbond at mail.ngo.za
Sun Jan 13 21:30:46 PST 2008


Julio Huato wrote:
> Michael Pollak wrote:
>
>
>> And I don't understand either of your objections. You and Patrick seem to
>> be objecting that R&R is being pollyannish because they don't think there
>> is going to be a big downturn. But that's the whole point of R&R's paper.
>>
>
> Not me.

Me neither. I'm mainly annoyed that mainstream economists dogmatize equilibration theory and when a big moment of disequilibration comes up they do banal correlations between symptoms rather than look for causes. There's not even a nod to Minsky in R&R.


> Although I hadn't read this, again, I thought I had noticed that Doug
> was shifting his expectations. Perhaps I wasn't clear enough, but
> that's what I tried to tell Patrick in my posting -- that Doug appears
> to be more bearish now than he was a few months ago.
>

Well, the Doug I know and love keeps intervening with sanguine snarky sentiments whenever the talk turns to the bad 'c' word, crisis. d



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