Professor Mark J. Perry's Blog for Economics and Finance
Posted 12:48 PM Post Link
This is so true and very funny too. We don;t realize what we take for granted, and all of this was made possible by the capitalist systme in which many cmail "failed" because we are having a recession. These people fall victom to the Nirvana Falacy, thinking that if there is a problem in a market, that necessarily means a government system is better. The reality is we are comparing an imperfect market with an imperfect government, and in the end and over the long run, that market is far supperior.
I love it!This has been the most amazing time in human history. You are all so lucky to live in this place, in this time.When I was born, computer meant vacuum tubes. Today, computer means vacuum cleaner. One Roomba has more computing power than all the computers in the world had in 1947.This is a fun game!
I love Louis C.K.On a side note, I just had a baby that was born 10 weeks premature and I've had people who have actually had the balls to say, "It's a tough time to bring a kid into the world."Really? Because if my kid had been born 50 or 100 years ago, he probably wouldn't be alive. So, actually, I think it's a wonderful time to bring a child into the world, thank you very much.
Stop this Pollyannish talk.We are headed for 10% unemployment rate and even higher underemployment rate and we are supposed to be happy?
need to read "Progress Paradox". This topic has been around for years. Humans don't really like to be happy all the time.
Machiav, I know unemployment is tough, but how many of those unemployed do you think will starve or freeze to death? I doubt most will even turn off their cable or even be forced to sell things they own. Yes, things will always suck for some people, even in a prosperous country, but this is probably the best time in history to lose your job (at least in the West). In previous periods (like during the Victorian Period), you would probably die if you lost your job. This is still in many places in the world, but fewer and fewer, and that is the point.This is yet another reason why people should live within their means and save for a rainy day. It can still rain.
Yes Machiavelli999 we are supposed to be happy because this will PASS! I came out of college at the end of the recession at the end of the Carter beginning of the Reagan presidencies. ~11% unemployment, ~21% interest rates and ~11% inflation. It passed. People tend to believe whatever circumstance is the current one will last forever. It doesn't there are booms and busts but it passes. You enjoy the booms and prepare for the busts. It is still the greatest time to be alive. I prefer not to curl up into a ball and whine.
Congrats, anon, on your new baby. Recessions come and go, but I agree your child has greater economic opportunity than at any time in history. We have just forgotten what it's like in other parts of the world or even the way it was 50 years ago. I just got back from Nicaragua where poor families live in one room shacks made out of refuse.Macchiavelli,We are all aware of the very serious problems roiling the global economy. Most of us would agree that these problems will eventually resolve themselves in time. There isn't much point in worrying about economic problems which are beyond one's control unless of course, one is interested in elevated blood pressure, increased anxiety and depression. What is to you a "polyanna" is what most of us call an "optimist", one who focuses on the things that he/she can do and one who is able to let go of those things that are beyond one's control. For many, this will be the first big crisis that they have lived through and the thought that someone might be trying to find a bright side must seem insane...as though we somehow fail to understand the seriousness of the crisis. There is no question that these events are highly stressful. Having lived through recessions, stagflation, energy crises, mass layoffs, illness, death of loved ones, and career changes, many of us have learned that we can get through the difficult times. The U.S. is still the largest economy in the world and we will get through this. We always do.
Hahahahahahaha! I hate it when people have that attitude.\Zach
I have a day-trader buddy of mine that says the stock market is driven by two things. Greed and Fear. Investing in the stodk market is just like shooting craps in Vegas. That's why they call it "Playing the Market." There's not one person who plays the market who wants to make a profit. They want to make what they call a "Killing." That's OK with me though. Just remember what they tell you in Reno. "Don't bet any more than you can afford to loose." This will pass,and in the mean time, a little humor about it doesn't hurt, and as the British say, "Keep a stiff upper lip." (Translation: Quit whining)
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Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.
Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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