The slump in the United States and other advanced economies is the result of a failure of demand -- period, end of story. All attempts to claim that it is somehow structural, or maybe the result of reduced incentives to produce, have collapsed at first contact with the evidence. (link)
You've got to hand it to the man. He has the self-confidence of a Jesuit preacher who believes--really, truly believes in hell--and who fervently wants to share his revelation with us, the poor deprived masses. (Btw, doesn't a "failure of demand" also imply reduced incentives to produce?) I wonder what sort of reply he is expecting from this incredible statement?
Oh, I know, how about....Amen?
P.S. Forgive me Father Paul, for I have sinned. (I have committed the thought-crime of contemplating the possibility that this might not be the "end of the story"...am so ashamed; please prescribe penance.)
Update: This just in (thanks to the Arthurian). Guess he does have a sense of humor!