Bill Lear wrote:
The writer, after noting the "steep deficit spending" seen on the horizon by the Wall Street Journal, quotes with approval "Merrill Lynch economist David Rosenberg" who claims "it was excess (debt and) leverage that got us into this mess", which is conventional, but I think quite wrong, as Dean Baker has pointed out. Rosenberg then claims we need savings to rise to get us out of this mess, which seems a recipe for disaster.
Bill, I didn't find any "approval" in Lendman's article. I think he was quoting Rosenberg just to put things into context. You'll note that he put scare quotes around "frugal", which sort of indicates to me that he has a different outlook than Rosenberg.
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