it says some things i don't get. i'll get to those in a bit, but first:
the "Meanwhile, many Wall Street economists, consistently wrong with their forecasts all year, gratefully seized this face-saving opportunity to pronounce that they now believe that a recession is inevitable" bit is spot-on, but what disturbs me about it is the way talk of recession easily can become a self-fulilling prophecy. gr.
the credit card debt numbers (average $7,000 per household) sound right though, and that's plenty disturbing in and of itself.
and now for the stuff i must take issue with:
immense amounts of dark fiber now exist that didn't exist a couple ago, but i don't know about claims of "According to industry estimates, less than 2 per cent of the fibre-optic cable buried under Europe and North America has even been turned on, or `lit', and of that which has been lit, only about 10 per cent is in use" - can anybody provide additional numbers on that? that doesn't sound right to me.
i don't think the US situation should be compared to that of japan - this artcile at the nytimes seems to put forth a more accurate picture.
and as for the bits about free markets - it seems to me that much of the problems mentioned above stem from things like the way the US government subsidizes telecoms, thus promoting monopolies there... or the wierd ways the credit card industry relies upon the US government (in the form of carefully crafted bankruptcy laws) in its neverending quest to screw its customers... or the short-sighted government price caps on wholesale electricity in california, which were instrumental in the power crisis there...
i've said it before, and i'll say it again: most of the evils people associate with capitalism arise from government protection of monied interests. remember, kids - corporations, as creations of the state, can't exist in unfettered capitalism*.
* although you could make corporation workalikes via contract, but anyone actually doing so would seem quite unlikely.
sayke, v2.3.1 /* i am the middle finger of the invisible hand */