tag:blogger.com,1999:blog-5713178645208582139.post863413413666462028..comments2024-03-22T02:37:15.030-05:00Comments on Macro Musings Blog: I Hope He is Wrong...David Beckworthhttp://www.blogger.com/profile/04577612979801459194noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-5713178645208582139.post-48621561589368690562010-07-22T13:55:48.329-05:002010-07-22T13:55:48.329-05:00Not just a balance sheet problem though is it? Sur...Not just a balance sheet problem though is it? Surely there are problems in the real economy, as the Austrian school has pointed out - we have significant resource misallocations as a result of the conjunction of dreadful monetary policy and state intervention in the housing market. And then there are foundational problems along the lines of a dysfunctional education system turning out legions ofecbnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-65495080094228761442010-07-22T11:58:37.563-05:002010-07-22T11:58:37.563-05:00Hi David, I'm a little surprised to see this a...Hi David, I'm a little surprised to see this admittedly popular perspective from you, but maybe I'm misunderstanding. So a few questions.<br /><br />You talk about net worth being back to the level of the early 80s as if there is some kind of expectation that HH net worth should perpetually increase as percentage of disposable income. Why should this be? Are you make a more subtle dlrnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-77944858469807161392010-07-21T13:52:36.558-05:002010-07-21T13:52:36.558-05:00I would rather see the public sector deleverage a ...I would rather see the public sector deleverage a bit, frankly. Preferably on the spending side.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-53969155749870450302010-07-21T09:14:06.033-05:002010-07-21T09:14:06.033-05:00Well, would you rather the consumer re-leverage?Well, would you rather the consumer re-leverage?Chris of Stumptownnoreply@blogger.comtag:blogger.com,1999:blog-5713178645208582139.post-57750064491217012502010-07-20T18:47:07.493-05:002010-07-20T18:47:07.493-05:00I don't think he's wrong. I just hope it&#...I don't think he's wrong. I just hope it's not a lot worse than he thinks.<br /><br />When the tax increases come next year,the velocity of money will slow even further.<br /><br />And there's an excellent chance for a whole new tsunami of mortgage defaults in the next 24 months or so.<br /><br />I'm not sure the picture Lowenstein paints of worried families paying down creditAnonymousnoreply@blogger.com