Monday, January 4, 2010
(click on images to enlarge)
A couple hundred years ago, economics was know as political economics. In spite of some long held beliefs, government has always helped business, as in giving railroads land, building airports and, I maintain creating the present dairy dilemma.
One graph is from a presentation given to the American Economic Association meeting in Atlanta. The entire presentation can be seen here: http://baselinescenario.files.wordpress.com/2009/09/recovery-and-crisis-presentation-for-glab-sept-14-2009.pdf
As Simon Johnson suggests, a new crisis is on its way. I would suggest the same could be said for dairy. There are too many people on the gravy train for government to get ahead of the impending crisis.