Tuesday, September 30, 2008
I just watched John Stewart interview Bill Clinton on the Daily Show. Clinton brought up the idea that if the huge Wall Street gains of the late 90's were invested into green technology rather than the housing market, much of our current economic problems could have been avoided. This goes along with what Friedman said about how the railroad bubble of the 19th century and the IT bubble of the 90's both came to a painful end, but in the long run, left us with vastly improved transportation and techonological capabilities. Similarly, if there was a green technology bubble, we'd suffer short term losses when that bubble burst, but be left with much more efficient ways of producing energy for our country. As Friedman said, the only thing were left with now is bad debt and empty condos in Florida.