A Dose of Dean Baker
I have to run but here’s Dean Baker on Ben Bernanke. Dean was on our show again last Saturday. Below and on the left hand side of this blog is a link to the podcasts of the radio show and I have our segment up with Dr. Baker.

http://www.truthout.org/docs_2006/021808A.shtml
In addition to having a recession, which is likely to be long and deep, tens of millions of homeowners are seeing much of their life savings disappear before their eyes. After all, the Fed chairman and other experts assured them that there was no bubble, so why should they think that the price of their home could fall 30 or 40 percent? Unlike former Fed chairmen, these homeowners will not have the opportunity to sign multimillion-dollar book contracts or give speeches at a quarter million dollars a shot.
We are just at the beginning of the housing crash recession. It will get much worse, as the economists who never saw it coming are now recognizing. There will be many more credit freeze-ups and debt write-downs that are an order of magnitude larger than what we have seen to date. There will be plenty of blame to go around in this story, but it is not too early to start holding people accountable. There was a colossal failure of economic policy, and its perpetrators should not be able to walk away unscathed.

Scared yet? Well, you should be. Then read up on how we got there and do something about it. God to Dr. Baker’s site where you can down load for free his book The Conservative Nanny State.http://www.conservativenannystate.org/

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Posted by Montana Maven at 2/18/2008 5:02 PM | View Comments (0) | Add Comment | Trackbacks (0)