this is the content of my post
I am reading an article from the brooklyn rail
here is is a general summary of what i thought was interesting about reading this article. maybe a main point or two and even my oiwn perspective if I had one. then I’m going to walk the reader through this article with my blog post. so, I’ll start with a quote:
In response to the weakened economy, the Fed cut interest rates between 2001 and 2003 from 6.5% to 1%. This led, as intended, to a massive increase of debt, personal and corporate. In particular mortgage lending took off, from $385 billion in 2000 to $963 billion in 2005. This, together with the refinancing of homes, was the basis for the post-2002 expansion of the American—and so, to some extent—of the world economy, along with the massive inflow of foreign funds in exchange for U.S. Treasury securities.
so now that I’ve quoted I wwill explain why i chose that quote, what it tells us, and then lead into another quote….
How did fictional investment come to have so dominant a place in economic reality? And how far is the depressionary wolf from the door? My next article, in the November Rail, will explore the roots of the current crisis in the development of the world economy since World War II; a third, in December, will examine that development in relation to the cycle of prosperity and depression that has characterized the capitalist economy since the early nineteenth century.
and then I saw more, etc. etc. conclusion
