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« On Journalism | Main | Are Weblogs Journalism? » February 24, 2003Economic Health DebateSo, SKB thinks there's a housing bubble. Funny, because Alan Greenspan doesn’t. Many economists see healthy demand and rising incomes underpinning the housing boom, and reject predictions of a housing bubble on the national level. Federal Reserve Chairman Alan Greenspan said last week in congressional testimony that housing construction is in balance with demand. "We're effectively not building up a glut of excess housing," he said.Relax, SKB, I didn't say the economy was great. I merely pointed to an article which points out that, by many measures, it is in better shape than some past economies we considered at the time to be "boom" economies. Of course, not everyone is doing great. The old joke is true: What's the difference between a recession and a depression? A recession is when your neighbor loses his job. A depression is when you lose yours. My take on the economy is it is not as bad as portrayed by some, but needs improvement. But mostly what it needs is for people to stop whining and stop worrying. I see reports that business is "worried" about war with Iraq. Why? Their troops are no match for ours, and the people of Iraq or widely reported as secretly ready to welcome the U.S. as liberators. There is no quagmire ahead. If I was a businessman, I'd be worried if we don't go to war and remove Saddam Hussein from power - worried that he'll soon give the makings of a dirty bomb to his friends in al Qaeda, and the resulting death in New York or Baltimore or DC would make the post-September 11 economic slide look like irrational exuberance. Comments
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