http://www.nytimes.com/2011/07/17/sunday-review/17economic.html?pagewanted=2&_r=2
This article argues that our consumption over the last thirty years has finally caught up to us. Car sales and housing are a component of this overall massive bubble. The first page and a half are ok, but when he gets to his policy prescription and his historical analysis about Hoover cutting down on spending he contradicts his earlier analysis of government and the people getting thrifty. What do ya’ll think of this
80% Service sector economy + 40 years of fiat currency bubble = today and this article
“The Federal Reserve Bank of New York recently published a jarring report on what it calls discretionary service spending, a category that excludes housing, food and health care and includes restaurant meals, entertainment, education and even insurance. Going back decades, such spending had never fallen more than 3 percent per capita in a recession. In this slump, it is down almost 7 percent, and still has not really begun to recover.”
No mention of bomb making and other productive industries.