Skjellifetti

Charlie Gasparino: Another Crash 'Has to Happen Again'

Calvinist financial prudes are just as obnoxious as the shop 'til you drop crowd. There is nothing wrong with using debt in your personal financial picture. But you do need to know where the sensible limits are.

On Nov 06 12:21 PM Michael Clark wrote:

> Spending money you don't have is immoral and leads to an Armageddon. If you ignore this truth, then the punishment will be even worse the next time.

Real Cause of This Financial Crisis? Global Hunger for Savings Instruments

>Every sort of idiotic expanation is offered by academic economists for the financial crisis. Explaining the crisis has become a major industry. The academics by and large haven’t a clue. Grass might as well grow where their classrooms now stand.

I call shenanigans. Warning about the probable consequences of the structural imbalances caused by Asian's high savings rate has been a cottage industry in academia for years. As Herbert Stein once said: "If something cannot go on forever, it will stop." Too bad that the financial industry refused to listen.