Whiskey Bar: Down Time: "a slowdown now could conceivably buy us another year or two before the bubble bursts -- allowing the upper 10% to keep on partying even as the bottom 90% increasingly feels the bite of a slumping economy.
Not great, but not doomsday, either. As I told a friend the other day, the supply side hag may be aging rapidly, but she may still have a few more, um, carnal moments left in her yet. And at this late date, that may be about the best we can expect."
For the true, long-term pessimist, the greatest fear is that George W. Bush manages to get thru his whole term, without reaping the whirlwind, without having to face the consequences of his arrogance, ignorance and foolishness. Many Bush policies, like Social Security privatization, are cast with timetables that leave the painful parts hanging out there in '09.
The worst nightmare for the United States would be for the Democrats to win office in 2008, just in time to see the economy collapse around themselves. Instead of hooverizing himself, Bush will hooverize the Democrats. The Democrats will get blamed for all the horrors Bush brought on the country; Republicans will remain in power until roughly 2040 -- probably the year that China will finally establish its unquestioned hegemony.