THE CORRECTION, when it finally came, was not an overnight bursting of a bubble but a much more gentle letdown, a year-long leakage of value from key financial markets, a contraction too gradual to generate headlines and too predictable to seriously hurt anybody but fools and the working poor.
Interpretation
The financial correction was slow and subtle, affecting primarily those who were least prepared for it.
In this quote, Jonathan Franzen discusses the nature of financial corrections, emphasizing that instead of a sudden collapse, the decline in value of key markets occurred gradually over time. This slow decrease not only went unnoticed by many but also disproportionately impacted those who were financially vulnerable, highlighting the fragility of certain economic groups during such transitions.
In practice
In a speech on economic policy, you might cite this quote to illustrate the impact of subtle economic changes on vulnerable populations.
Every good writer I know needs to go into some deep, quiet place to do work that is fully imagined. And what the Internet brings is lots of vulgar data. It is the antithesis of the imagination. It leaves nothing to the imagination.
The problem was money and the indignities of life without it. Every stroller, cell phone, Yankees cap, and SUV he saw was a torment. He wasn't covetous, he wasn't envious. But without money he was hardly a man.
Each new thing he encountered in life impelled him in a direction that fully convinced him of its rightness, but then the next new thing loomed up and impelled him in the opposite direction, which also felt right. There was no controlling narrative: he seemed to himself a purely reactive pinball in a game whose only object was to stay alive for staying alive's sake.
If multiculturalism succeeds in making us a nation of independently empowered tribes, each tribe will be deprived of the comfort of victimhood and be forced to confront human limitation for what it is: a fixture of life.
To read is to have experiences; every book changes my life at least a little bit. The first time I can remember this happening was when I was 10, with a biography of Thomas Edison.
Good novels are produced by people who voluntarily isolate themselves and go deep, and report from the depths on what they find.
Mere inflation-that is, the mere issuance of more money, with the consequence of higher wages and prices-may look like the creation of more demand. But in terms of the actual production and exchange of real things it is not.
All taxes, except a 'lump-sum tax,' introduce distortions in the economy. But no government can impose a lump-sum tax - the same amount for everyone regardless of their income or expenditures - because it would fall heaviest on those with less income, and it would grind the poor, who might be unable to pay it at all.
Economists argue about the relative impact of immigrants versus robots on wage stagnation - voters don't care much. They blame immigrants. It's easier to get mad at a person from Macedonia or Mexico, taking your job than it is to get mad at a piece of technology from Silicon Valley.
The forgotten man at the bottom of the economic pyramid.
In the Imperialist Era, the foreign loan played an outstanding part as a means for young capitalist countries to acquire independence.
True, governments can reduce the rate of interest in the short run. They can issue additional paper money. They can open the way to credit expansion by the banks. They can thus create an artificial boom and the appearance of prosperity. But such a boom is bound to collapse soon or late and to bring about a depression.
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