There are many "must read" articles referenced in the blogosphere. Courtesy of Ed Harrison's Credit Writedowns, here is a "must view" chart in John Lounsbury's The Hidden Depression of the 2000s.
The article is a great read, but this one chart makes the point. Mr. Lounsbury's point is that it was debt, debt and more debt that produced all the growth in the economy this decade. Clearly that fits with the theme of EBR: "In equity, veritas".
I don't know if blood, sweat and tears is quite the correct phrase to invoke, but America needs to produce more than it consumes for some time to come.
Underconsuming from an economic standpoint is sort of like a successful diet: fun when you get the hang of it, because you know you're helping yourself. First, though, you have to truly want to break the habit. There has been NO leadership from Team Obama in this regard, though. Perhaps they will do better on the obesity and overweight epidemic than on the debt habit.
Hope springs eternal.
Underconsuming from an economic standpoint is sort of like a successful diet: fun when you get the hang of it, because you know you're helping yourself. First, though, you have to truly want to break the habit. There has been NO leadership from Team Obama in this regard, though. Perhaps they will do better on the obesity and overweight epidemic than on the debt habit.
Hope springs eternal.
Copyright (C) Long Lake LLC 2009
No comments:
Post a Comment