It's not of course, as this opening sentence suggests: "If you think this recession is the worst since World War II, chances are you weren't born or working during the downturns of the 1970s and '80s, you're listening to President Obama too much or you're a white-collar worker in financial services." And then there's "The economy is very psychological. There's a herd instinct."
My take? We're feeling the economical affects of the transition from the industrial to information ages. For those that get on board, things will be fine. Ignore this at your peril.
- In Exactly How Does Stimulus Work? from the Wall Street Journal, Daniel Henninger tells us that "The theory beneath the $800 billion of spending is called the Keynesian multiplier, first posited around 1931." Um. Yeah.
There's also this quote from CBO director Douglas Elmendorf: ""Even without any stimulus, market forces would eventually bring about a recovery from the recession," albeit with more unemployment and loss of output."
- Finally, as an example of my point about the information age comes Digital Firms for the Net from Bank of America's "Future Banking Blog" - yes, they have a blog.
"With the support of the Ewing Marion Kauffman Foundation, The Law Lab at the Berkman Center at Harvard University is undertaking a project to provide a hosting service for the registration and governance of a digital LLC within Vermont, and to form experimental LLCs to explore new types of operating agreements and models of management and governance. We are actively seeking partners in the form of entrepreneurs, banks, legal scholars and researchers."
In other words, completely net based businesses.
Sweet.
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