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Date Posted: 04:19:58 06/27/08 Fri
Author: Danny
Subject: Re: shit storm
In reply to: Jay 's message, "Re: shit storm" on 18:30:55 06/26/08 Thu

Deflation indeed. I think it all about getting back to the fundamentals. Here is a column by Steven Pearlstein in the "Washington Post" today that pretty much sums it up for me.

http://www.washingtonpost.com/wp-dyn/content/article/2008/06/26/AR2008062604030.html

Here is an excerpt on point:

"The real problem is that the underlying fundamentals had gotten badly out of whack, making the economy susceptible to a shock. The only way to make things better is to get those fundamentals back in balance. In this case, that means bringing what we consume in line with what we produce, letting the dollar fall to its natural level, wringing the excess capacity out of industries that overexpanded during the credit bubble and allowing real estate prices to fall in line with incomes."

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