"As a society, we are not as rich as we thought we were. The Federal Reserve now estimates that American households as a group are poorer than they were four years ago, even before adjusting for inflation. That had not happened in any four-year period since the Fed began making those estimates more than half a century ago.
It is not an easy reality to adjust to. But simply assuming that we deserve to live as if it had not happened will only make things worse."
Friday, March 20, 2009
High and Low Finance: