"Repression in economic matters may not always lead to doom. But the scale of unconscious denial of the past five years amounts to a Great Repression. That is the widespread and sustained, if unconscious, denial of economic reality on a scale sufficient so that eventual reckoning spells equally widespread and sustained financial devastation—of which we should now be collectively acutely conscious.
Trouble is, the temptation appears strong to continue to repress rather than to confront. After all, while people seem eager to reduce debt and spending and reset the economy, government’s plan, under the prior and current President, is to respond to the excesses with more excesses, especially massive borrowing and spending."
Tuesday, April 7, 2009