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« Remembering Paul Newman | Main | Parody or stenography? »

Sep 28, 2008


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Comment on an energy board:

Now we'll have to have 20% down for a house and pay cash for a new car !

A response: What's so bad about that ?

I can't see what's so bad about that.


Good post, Ed. One factor thought that I think you may have overlooked is stagnant wages. Stagnant wages are a large factor in people borrowing. One of the large contributors to this is the loss of jobs sent overseas. When you are borrowing to supplement income, there is nothing left to save.

Ed Cone

Thnx. I did mention stagnant wages, but not the underlying causes. You're right about shifts in the larger economy. Those shifts, though, are an inevitable part of capitalism, in which capital is encouraged to seek higher marginal returns through all possible avenues. All of which calls into question (yet again) some of the free-market fundamentalism of the last generation. Not saying I'm in favor of protectionism, just that simplistic solutions to complex problems can be dangerous.

From an email from another reader, a former director of a regional Fed bank: "One more point worth making is that the two decades of too-cheap money have made saving less rewarding also."


Cash is king for the past few years.


Excellent write-up.

Danny Wright

This is somewhat off-topic, and I am so late commenting on this that it may not even merit response (thus, any non-reply will not be taken personally).

When I was about six years old, I remember trying to chase after a couple of older, neighborhood friends who delivered the "Greensboro Record" (or whatever it was that the afternoon Greensboro paper was called) on their bicycles. I couldn't keep up, and at dusk, found myself somewhat "loster-than-Hell" in the neighborhood. While now I realize it was less than a mile away, back then, in the mid-1970s, I might as well have been on the other side of the world.

My much-belated point is this -- I believe I recall being rescued by the maternal side of Ed's immediate family in said-Plymouth. I believe it was brown in color. I remember clearer-than-crystal my mom standing up at the top of the front walk with a wooden spoon in her hand, mad as can be as Mrs. Cone dropped me off. I don't remember the ass-whupping that happened afterwards.

I do, however, remember Ed's mom delivering me to the Executioner.


...ed, that was by far the best thing ive read in the past 6 months (well after hot , flat and overcrowded) sounds like your dad and mine (decd.1997) would of gotten along just fine.....

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