Wednesday, April 08, 2009

Kevin Phillips: There's good news and bad news

Good news and bad news from Kevin Phillps, blogging at Talking Points memo:

Although "there is probably no need to fear a second coming of nineteen-thirties Depression economics ... World War Two ushered in American global ascendancy. ... [The crisis today is] ushering in the reverse: a global realignment in which the United States loses the global economic leadership."