Tom Friedman even more pessismistic than Dave Leonhardt ... rut roh
Sunday, February 1, 2009 at 09:18AM Cheery optimist Tom Friedman is at it again ... another column that should eliminate any smile or warm feelings you're suffering this Sunday morning.
Unfortunately, I happen to think he's right.
His thesis: the economic pain and uncertainty is going to last a lot longer than we had first suspected. In fact, it may become sort of permanent.
Money quote:
[I]f it is not apparent to you yet, it will be soon: there is no magic bullet for this economic crisis, no magic bailout package, no magic stimulus. We have woven such a tangled financial mess with subprime mortgages wrapped in complex bonds and derivatives, pumped up with leverage, and then globalized to the far corners of the earth that, much as we want to think this will soon be over, that is highly unlikely. We are going to have to learn to live with a lot more uncertainty for a lot longer than our generation has ever experienced.
I don't recommend reading Friedman and David Leonhardt's piece in the same sitting; it may cause your head to explode. I'm just saying.
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