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A Gloomy Scenario That Could Come True
David Brooks, the conservative columnist writing for the New York Times, forecasts a gloomy future based on the Obama Administration’s model for economic recovery. I don’t subscribe to all his precepts but his column (http://NYTimes.com/2009/02/13/opinion/13Brooks/ is poignant in one crucial aspect.
That is the economic models for recovery do not take into consideration the public psyche. Brooks contends the culture of borrowing as a result of easy credit is over. Burned badly, the public has retrenched and turned to spending only for critical needs and rediscovered the lost habit of saving.
What do you think?
Cross posted on The Remmers Report
