"The whole country is now seeing the story that Michigan has been living with for a long time," said Diane Swonk, chief economist at Mesirow Financial. "We have kicked the can so far down the road that now all we have is a cliff to fall off."
"The recession merely revealed a reality that has been with us for a long time. We faced a growing gap in education and skills that we tried to fill with debt and credit, which gave us the illusion of growth."
December 16, 2010
December 13, 2010
December 12, 2010
I saw "Inside Job" at my local trendy-art theater recently and can report that it is a good, clear exposition of how the financial crash of 2008 came about. The movie is narrated by the sincere, trustworthy voice of Matt Damon, but the star of the show is the writer/producer Charles Ferguson, who never actually appears on screen; however, the intelligent, incredulous questions he asks of the various vermin who stupidly agreed to be interviewed for the documentary are the best part of the movie. Ferguson (who graduated from Berkeley in 1978 with a mathematics degree, then obtained a PhD from MIT in political science) is certainly a match for the shifty economists, politicians, investment bankers and other scum placed under his unrelenting microscope.