Ehrenreich is absolutely right. It's exactly what Hyman Minsky says causes the wild swings in a capitalist economy. It's irrational exuberance. “Success breeds a disregard of the possibility of failure," as Minsky had said. Amerca, by its very nature, seems to be particularly susceptible to this. We, more than anyone on the face of the Earth, have seen spectacular success. And we have seen equally spectacular crashes in our history. These things seem inextricably tied to one another.
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