Tuesday, April 7, 2009

Grappling with reality

But what is reality? A fair number of conservatives feel "mark to market" rules are unrealisitic.

Still, this gets at the worldview behind the bubble.

Repression in economic matters may not always lead to doom. But the scale of unconscious denial of the past five years amounts to a Great Repression. That is the widespread and sustained, if unconscious, denial of economic reality on a scale sufficient so that eventual reckoning spells equally widespread and sustained financial devastation—of which we should now be collectively acutely conscious.

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