I like Reich but he is falling into the same trap that was sprung on the dot com’s in 2000. How many times did you hear, during that time, the phrase “This time it’s different. You can’t rely on the past”. Then the argument was that a ‘new thing’ was being invented (the internet) and that companies didn’t have to live by the ‘old’ laws of economics and could go on not making a profit for ever. Anyone read the book “Irrational Exuberance”.

This time it’s “This time it’s different. You can’t rely on the past” but they are talking about a coming recession. When we are on the other side of it all involved will look back and say “Wow – that was predictable”.

The more things change – the more they stay the same.