I'm in the camp that believes that the U.S. consumers have been sustaining their awesome shopping spree by extracting cash from housing equity, via refinancing through various kinds of adjustable rate no-money down mortgages.

What is the evidence for this?

More likely: Asian governments buy dollars, keeping their products cheap. This also keeps long-term interest rates down. Which drives the housing bubble.

And the housing bubble burts when interest rates climb. And interest rates climb when Asia stops buying dollars. And Asia stops buying dollars when GOP senators won't let them spend dollars in the U.S.

And I didn't even mention the negative impact of oil shocks, more expensive Asian currencies, and deregulated energy markets -- all GOP initiatives -- on American consumers.

Bottom line: GOP policies are the real bugbear here. But once again the media (you) fall into the trap of blaming American consumers for being greedy and stupid. As if stupid greed were not the invisible hand itself. Meantime GOP masters -- Wall St., Energy, and Big Oil -- choke on profits.

Don't forget what a $9 trillion national debt will do to interest rates and global dollar demand. The last several trillion of which were brought to you courtesy of the GOP.

Howie is a putz. His red underoos were showing on that one.

Love how they dedicated it to the pro-lifers, too. What a hoot.

(Can't wait for the Ralph Reed photo-op.)

Norman Mailer is not really hanging out with a "bla bla bla... more shoes!" woman, is he?

This reminds me of that intern who whored herself out around D.C. a couple years back, blogged it, and got herself a big advance.

Apparently there is no end of interest in the lives of self-indulgent shallow women? (But why do Salon readers consistently reject these pieces?)

Suggestion: Maybe this one can cure her addiction with a traipse across Italy and a Brazilian lover like the "morbidly depressed" author you ran a few weeks back. Then we won't have to hear from her again for awhile.

You could have done something, but didn't.

Next time, do it.

This is an interesting thought given that the author lives in Manhattan. Her form of transport is shoes.

The real question is what kind of apt. does she live in that can store so many shoes?

Now that is some pricy real estate even in Brooklyn. Not something you can afford on a writer's salary.

So I'm guessing the BF is an i-banker type. That is usually how the high-consumption women in creative jobs swing it.

If she doesn't pay rent she can afford lot of shoes. And cabs. And $12 martinis.

It still doesn't explain Norman Mailer though. What happened to him?

This article offers an honest bouquet with refreshing finish, hints of humility, resolution, acceptance. Pairs well with pie (preferably humble). Strong humorous notes. Slight bitterness. Overall, a pleasantly surprising discovery amid the usual discordant din. Well done!

Thanks to Ben for the memories. Good luck to him in the "wilderness".

P.S. Watch out for the bears, Ben-ji (they can smell stinkers like you from miles away)!

Well, there are x slots and y candidates. There are n dollars and m students.

Do the math. Affirmative action is ALWAYS a zero-sum game.

Makes me extra-proud to be a successful college-educated white male.

No quotas where I came from. Let's keep it that way.

Just look at any American city. You have the ghetto in one corner, the upscale section in the other, and the gentrified in between. You don't need any walls to keep the folks in their place. Social and economic forces do that just fine.

I guess the real fear is that the ghetto will grow. I'm not sure how you can prevent that. As long as you want people working for cheap, they gotta live and eat somewhere. As long as you don't reward them with free housing, child subsidies, and welfare for not working, though, they will be motivated to work their way out.

Also it's worth noting that family planning does more to prevent ghettos from growing than border police. Something for the right wing to think about.

Joementum ain't worth a bucket of warm piss. And neither is the man himself.

He is a smooth self-preservationist. He is a classic take-no-sides kind of guy. And right now we are in the midst of a war, and I don't mean Iraq.

Reminds me of another famously traitorous guy named Joe: Josephus, to be precise.

Josephus, the one-time general of the Jewish revolt against Rome, somehow turned up as a landed and pensioned Roman citizen -- and advisor to the Roman emperor -- after Jerusalem was destroyed. Seemed the emperor really took a shine to the fellow. Something about religion and a vision from God. Sound familiar?

Anyway, this is not a guy we want on our side anymore.

So bye bye, Joe. Give my best to the Lord.

And the Emperor.

Don't you remember the debates? He is an expert blinker.

Was just back from some nuke-U-ler blinking in India.

Had been practicing the blink up there in Korea with Dear Leader for some time.

Got a lot of blinking in with al Queda, matter a fact.

"Wanted: Osama. Dead or alive."

(but, hell, we'll take Saddam instead and call it a day)

So who's next?

< blink >

Drunk girls who act like frat boys are not attractive.

Surely you did not just advocate a sex-test for an abortion. C'mon, girls, think!

"You can work if you want to, provided getting paid less than a man for doing the same job doesn't bug you"

See, that's just not true. Source:

http://money.cnn.com/2006/02/28/commentary/everyday/sahadi_paytable/index.htm