Sunday, February 15, 2009

Succinct summary of stimulus insanity

From Forbes:
"After 18 years of record spending, much of it on credit, consumers must and will de-lever and save the next $1 trillion to $2 trillion of income. Only private businesses create job multiplication and true future spending power," says Albertson. "That requires a savings and investment program, not a doomed spending program. The latter tact ate up the resource base for six years during the 1930s Depression, with little or no effect on unemployment."

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