On 6/17/05, michael perelman wrote: > The article calls it the biggest bubble in history. Will Bush be able to > blame a fall in housing prices on gay marriage? Stay tuned.<
perhaps the Bushmaster hopes that tax cuts for his cronies and rising expenditure in our splendid little war will, via Keynesian-type fiscal stimulus, allow the economy to prosper. Just as the rise in personal indebtedness linked to the housing bubble "picked up the baton" when the stock market and corporate debt accumulation faltered in 2000-2001, government debt accumulation could pick up the baton if/when the housing bubble pops. The first transition moderated the recession of 2000-2001, so maybe... Or maybe the military/plutocrat Keynesianism could _pump up_ the bubble -- or at least delay its deflation until 2008. Then some poor Democrat (H. Clinton? J. Edwards?) would be left holding the bag. JD
