Nick Denton satirizes investment bankers for Management Today. Surely the affects of a recession on bankers were more obvious during the 80’s (as my friend Kamal points out Milken awarded himself a bonus of over $600M in the 80’s and that kind off excess has note been a feature this time round)? However, the patters of this recession, which looks more like Japan’s zero inflation slump than the inflationary 80’s will be felt differently as the ripples hit people who earn less.
David Galbraith says:
the article i would like to see you write – i would try, but am not qualified to – is what is going to be the story this time round as the downturn really hits the population at large – deflation – house prices – anti-war etc.
Nick Denton says:
I doubt it will have any impact on the war
David Galbraith says:
i was thinking more of three general trends – globalization activism, the disappearance [ok – not entirely disappearance] of deterrence from military agenda, the necessary encroachment on civil liberty to combat terrorism, and the fact that activism is rife during periods of deflation (ok not so in japan – but activism rare in Japan), consider the Chartists and threat of revolution in Britain in the 1840’s
David Galbraith says:
more than three
Nick Denton says:
globalization activism is nothing more than the usual spasms of poseurs and conservatives; deterrence is alive and well, and works for pretty much everybody except Osama; and civil liberties are in robust good health, just look at the Republican politicians and judges who block the worst of Ashcroft’s war measures