What is happening is exactly what von Mieses and his followers said happens everytime that a government engages in an expansionary monetary policy. During the 90's Alan Greensapn engaged in a record breaking printing of money. Unlike in the Carter years where the inflation went into govenment spending - and was pretty widely distributed - most of Greenspan's largesse went, first, to financial institutions, i.e. investment bankers, where it ran up the stock market fueling the profits of the options boomers. What we are seeing - and this article demonstrates it - is the result of the bust phase of the expansion - the result of a decade of malinvestment - or perhaps you think that the dot.bombs or AOL-TimeWarner are the result of sound financial management.
But perhaps the tenants of the von Mieses institute are not conservative enough for you?
I did, however, comment on their reaction to and attitude about their circumstances. Namely that they are not unfortunate to the point that they deserve pity when they enjoy a standard of living that is the envy of the better part of the population of the world. Whatever the cause of the economic climate, their reaction to and attitude about their circumstance is wrong.