PIMCO's Gross: The Days Of The Markets As Saviors Are Over : The Two-Way : NPR
At the risk of sounding too self-congratulatory this is something I have been saying for a few years. It was plain to see that the housing boom was not sustainable and did not have footing. It was also plain to see that the American consumer had compounded his debt to consume more and was in trouble. Markets irrationally depend on ever growing consumption when a new paradigm must be developed in which sustainability and subsistence become the focal point. There are still huge profits to be made in foreign upcoming markets but it is critical that we find the way to maintain our way of life.
The mantra of tax cuts fostering business expansion assumes that there are ways to expand that benefit the domestic population. Expanding corporations are not discriminatory about where their markets are.
The old way that we grew up with is dead. The future belongs to the wise.
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