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In Short, It's A Great Economy If You're A High-level Corporate Executive Or Someone Who Owns A Lot Of Stock. For Most Other Americans, Economic Growth Is A Spectator Sport.

Sometimes Economists In Official Positions Give Bad Advice; Sometimes They Give Very, Very Bad Advice; And Sometimes They Work At The Oecd.

Something Terrible Has Happened To The Soul Of The Republican Party. We've Gone From Bad Economic Doctrine. We've Even Gone Beyond Selfishness And Special Interests. At This Point We're Talking About A State Of Mind That Takes Positive Glee In Inflicting Further Suffering Upon The Already Miserable.

I've Always Believed That A Speculative Bubble Need Not Lead To A Recession, As Long As Interest Rates Are Cut Quickly Enough To Stimulate Alternative Investments. But I Had To Face The Fact That Speculative Bubbles Usually Are Followed By Recessions. My Excuse Has Been That This Was Because The Policy Makers Moved Too Slowly - That Central Banks Were Typically Too Slow To Cut Interest Rates In The Face Of A Burst Bubble, Giving The Downturn Time To Build Up A Lot Of Momentum.

Asset Bubbles Have Happened Even Without Not-so-easy Money. And, In A Depressed Economy, Where Alternative Uses Of Money Are Not Great, People Are Going To Bid Up The Prices Of Profitable Corporations And Stuff Like That.