A very scary piece on the possibility of a long worldwide recession which would trigger a credit default swap (CDS) crisis. Don't panic yet (I almost started)-- this is worst-case-scenario stuff. But it should still make us take pause, as any signs of a recession should.
Could this election become about the economy? Looks that way. A successful economic stimulus package seems unlikely -- the Democrats don't want to make Bush's tax cuts permanent (for good reason), and Bush doesn't want to let Democrats fund too many programs in the process. It's a mess.
And how does this affect our party at election time? Conventional wisdom says that the out-of-power party always benefits from a poor economy, and that Democrats have the traditional edge on economic issues. Any thoughts?
Could this election become about the economy? Looks that way. A successful economic stimulus package seems unlikely -- the Democrats don't want to make Bush's tax cuts permanent (for good reason), and Bush doesn't want to let Democrats fund too many programs in the process. It's a mess.
And how does this affect our party at election time? Conventional wisdom says that the out-of-power party always benefits from a poor economy, and that Democrats have the traditional edge on economic issues. Any thoughts?
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