A Complicated Circle

Interesting piece from New York Times reporter David Segal that points to the current mantra that a portion of the current financial crisis can be blamed on the overspending by consumers like you and me.

"But personal consumption amounts to some 70 percent of the American economy. So if we don’t spend, we don’t recover. In other words, shopping was part of the problem and now it’s part of the cure. And once we’re cured, economists report, we really need to learn how to save, which suggests that we will need to quit shopping again.

"So the mall we married has become the toxic spouse we can’t quit, though we really must quit, but just not any time soon."

Damned if we do and...

Thanks to CEO for Cities for the catch.

Comments

[Gary Knowles]

Spoken like a true economist!

Our dear late WI Gov.Lee Sherman Dreyfus once said, "I want a one armed economic advisor - Then I won't always have to hear...'On the other hand...' "

[M.A.]

Uh...that's gonna take some kind of marriage counselor to sort that relationship out!