[lbo-talk] Wherein Krugman laments his cribbing of Henwood has come to naught

[Wojtek S]

Marv: "There is not the same urgency to resuscitate and reform the
system as there was in the 30's, because the the economic and
political crisis, while provoking great anxiety, has to date not been
as severe as the Great Depression, and the capitalists are still
hoping to somehow muddle through."

[WS:] Do not forget the specter of a communist revolution that was
very real in the 1930s but it is not even a remote possibility in the
2010s.  Without that specter it is business as usual - most of us will
get hosed, a few will make like bandits, some will kvetch about it,
and the status quo will return in its full glory. The specter  of
communism absent, capitalists have nothing to fear but the fear
itself, even if unemployment reaches more than 25% and the stock
market falls by 90%.

Wojtek