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“depraved indifference to economic growth”

Posted By Barry Ritholtz On October 12, 2005 @ 4:39 pm In Economy | Comments Disabled

Joanie is not happy with Mr. G:

Take this all in: The US is at war which is costing us huge.  Our deficits are black holes and getting blacker. We have suffered two major natural disasters within the space of a month. Federal spending for same has disgracefully run amok. 

The timing of the storms has added the second whammy to the energy problem, shifting the focus from demand-driven screaming prices to the dire side of that equation, supply disruption. 

Is it necessary to point out here that a demand-driven scenario does respond to a path of higher rates?  No, it’s not necessary?  Great.  Then I guess it’s also not necessary to point out that higher rates mean jack as far as fixing a disrupted-supply situation. 

As a matter of fact, given that we’re still not even close to 100% reconnaissance as to how damaged we are in the Gulf — and that word “damaged” is not reserved for the oil industry; the loss of the largest port in the United States has far more reaching ramifications than that (as we are quickly finding out) — raising rates against this blindfolded background falls into the category of depraved indifference to economic growth.

Maybe she’ll like his successor better . . .

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