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I believe ET had come to this consensus before I started following it almost exactly a year ago.  Someone else acquainted me with some aspect of that discussion last summer.  There seems to be a real danger that our mutual fears will be realized.  The greatest countervailing factor is the simple fact that going along with the Wall Street consensus, or continuing to be guided by those subject to Krugman's "regulatory cognitive disfunction" is taking us over the falls in a barrel.  There is at least some hope that Obama will pull back before it is too late, but....  

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Mar 3rd, 2009 at 02:04:37 PM EST
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well as long as the financial crisis isn't his equivalent of Blairs 'Iraq moment'

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Tue Mar 3rd, 2009 at 03:29:20 PM EST
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What I hope for is the inverse, a "big banks=black holes and lets pull back before we cross the event horizon" moment.  Blair underwent a conversion to the dark side, Obama is currently a captive of the dark and needs a conversion to the light.  (Might as well go full-on Manichean Mode here!)

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Tue Mar 3rd, 2009 at 03:53:53 PM EST
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