Bubblenomics

clipped from www.minyanville.com Friday's Financial Times article by Mohamed El-Erian, "American Jobs Data Are Worse Than We Think," demonstrates that more and more people are starting to understand the nature of the economic crisis. In it, El-Erian notes that, "there are rare occasions, such as today, when we should think of the unemployment rate as much more than a lagging indicator; it has the potential to influence future economic behaviors and outlooks." Naturally, the reason why we have such a problem creating jobs is because the country spent 10-12 years engulfed in bubbles. Folks will only realize that we have a real hole to dig out of when they grasp the fact that the Federal Reserve's money printing, aided and abetted by greed on both Wall Street and Main Street, created the bubbles. These, combined with the authorities' abdication of responsibility, caused us to experience more than a decade of "bubblenomics."