{"id":36878,"date":"2018-08-21T08:50:43","date_gmt":"2018-08-21T13:50:43","guid":{"rendered":"http:\/\/olduvai.ca\/?p=36878"},"modified":"2018-08-21T08:50:43","modified_gmt":"2018-08-21T13:50:43","slug":"america-is-overdue-for-another-economic-disaster","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=36878","title":{"rendered":"America Is Overdue for Another Economic Disaster"},"content":{"rendered":"
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America Is Overdue for Another Economic Disaster<\/a><\/h3>\n<\/div>\n<\/header>\n
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A trader monitors screens on the New York Stock Exchange. (Lucas Jackson\/Reuters)<\/cite><\/figcaption><\/figure>\n

Underneath the current economic boom, there are some truly worrying signs.<\/span>E<\/span>ric Sevareid (1912\u20131992), the author and broadcaster, said he was a pessimist about tomorrow but an optimist about the day after tomorrow. Regarding America\u2019s economy, prudent people should reverse that.<\/p>\n

This Wednesday, according to the Financial Times<\/em>\u2018 Robin Wigglesworth and Nicole Bullock, \u201cthe U.S. stock market will officially have enjoyed its longest-ever bull run\u201d \u2014 one that rises 20 percent from its low, until it drops 20 percent from its peak. And September 15 will be the tenth anniversary of the collapse of Lehman Bros., the fourth-largest U.S. investment bank. History\u2019s largest bankruptcy filing presaged the October 2008 evaporation of almost $10 trillion in global market capitalization.<\/p>\n

The durable market rise that began March 6, 2009, is as intoxicating as the Lehman anniversary should be sobering: Nothing lasts. Those who see no Lehman-like episode on the horizon did not see the last one.<\/p>\n

Economists debate, inconclusively, this question: Do economic expansions die of old age (the current one began in June 2009) or are they slain by big events or bad policies? What is known is that all expansions end. God, a wit has warned, is going to come down and pull civilization over for speeding. When He, or something, decides that today\u2019s expansion, currently in its 111th month (approaching twice the 58-month average length of post-1945 expansions), has gone on long enough, the contraction probably will begin<\/em> with the annual budget deficit exceeding $1 trillion.<\/p>\n

The president\u2019s Office of Management and Budget \u2014 not that there really is a meaningful budget getting actual management \u2014 projects that the deficit for fiscal year 2019, which begins in six weeks, will be $1.085 trillion. This is while the economy is, according to the economic historian in the Oval Office, \u201cas good as it\u2019s ever been, ever.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

America Is Overdue for Another Economic Disaster A trader monitors screens on the New York Stock Exchange. (Lucas Jackson\/Reuters) Underneath the current economic boom, there are some truly worrying signs.Eric Sevareid (1912\u20131992), the author and broadcaster, said he was a pessimist about tomorrow but an optimist about the day after tomorrow. Regarding America\u2019s economy, prudent […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[20662,21335,312,8262,21333,21334,21337,21336,827,2442],"class_list":["post-36878","post","type-post","status-publish","format-standard","hentry","category-economics","tag-economic-disaster","tag-eric-sevareid","tag-financial-crisis","tag-financial-times","tag-george-will","tag-national-review","tag-nicole-bullock","tag-robin-wigglesworth","tag-united-states","tag-us-stock-market"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36878"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36878\/revisions"}],"predecessor-version":[{"id":36879,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36878\/revisions\/36879"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}