Mar 23, 2008
Economic Life as Normal -- That's not News
An article in the Sunday Times [London] 23 March 2008, ‘Sectors that are avoiding the pain’, underlines the point that the financial crisis is just that -- a crisis in the inverted pyramid of the credit sector. Large parts of economic activity in Britain continue as usual & even flourish. Exports are rising, & manufacturing continues to expand across a very wide range, from heavy engineering to cable-management systems. Accounting, advertising, holidays & leisure, market research, a wide range of business services are buoyant.
I have not seen a similar survey for the US but it no doubt exists -- or could be written. Since American economic activity is on a much bigger scale, very substantial parts outside the New York credit markets & the housing sector -- are undoubtedly still flourishing.
This is worth bearing in mind. Life as usual is not & cannot be, news; but it is the greater part of the historical context.
I have not seen a similar survey for the US but it no doubt exists -- or could be written. Since American economic activity is on a much bigger scale, very substantial parts outside the New York credit markets & the housing sector -- are undoubtedly still flourishing.
This is worth bearing in mind. Life as usual is not & cannot be, news; but it is the greater part of the historical context.