Michael Barone has an article in which he articulates a belief I have long held: We weren’t as rich as we thought we were prior to the current depression. The government tried all the tricks in the playbook to reinflate the bubble, the the good old market would have none of that. I submit that had we not tried all of those old tricks and just let the market fix the problems, we would be in a better position today and not another $5 trillion in debt.
We don’t have a liquidity problem. We have a solvency problem. Until the balance sheets of consumers and the federal/state/local governments get trued up, we won’t get out of this mess. Sellling this solution is difficult, especially with the economic illiterates on the Left and their voting block.
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