Set forth below is the text of the follow-up comment by Marc submitted in the discussion detailed in the last two blog entries:
Can’t argue with that logic one bit. I was being wonky about the classic cause of bubbles, but those bubbles would never happen if consumers weren’t so easily manipulated. Me, too. I didn’t start realizing the emperor was naked until AFTER the 2000 crash.
The Fed dangled poison in front of us, Wall Street told us it was “mmm good,” and we lapped it up without reading the bottle … hoping to get rich. And now the whole world’s not feeling too well. That’s a bit simplistic, but it works for me. There’s plenty of complicity to go around.
And I agree that a national discussion — laying it all out on the table and getting up-close and personal with our roles in this mess — would be very helpful.
However, I think I’ll probably have brunch with Santa Claus and the Easter Bunny before THAT ever happens.
I’m afraid it’s up to folks like 2 cents, you, me, and others with clear vision to spread the truth the best we can.
Glad to have you both on my side.
Or am I on yours?