Friday, February 5, 2010

All debt is now bad

Michael Turner, commenting on a Krugman piece at Economist's View has an interesting insight:
Americans have just had a near-Depression experience, after a financial-system 9/11. The housing bubble wasn't an equity-financed boom, but a debt-financed boom, and that was Wall Street's source of cash as well. And it's debt that Americans have harrowing personal experience with. All debt is now bad. Including government debt that might in actuality save their asses.

The narrative that attaches to political and economic events is more important to the politics than the nature of the events. I suppose one could venture that the political nature of an event is determined by the narrative, and not the inherent particulars of the event, itself.

Propaganda is effective, without being informative or educational. How many ads has an American heard for analgesic pain relievers, like aspirin and Tylenol and Advil, without ever learning the differences?

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