World-News

Fox News Forum
by Phil Kerpen

02/24/09

The shocking collapse of our financial system should have taught us an important lesson about the structure of our economy, heavily-dependent on consumption expenditures paid for with borrowed dollars. When the flood of borrowed dollars abruptly stopped, the over-inflated housing market collapsed and other markets followed with frightening speed. The lesson should have been that you can’t just keep on borrowing forever, spending lots of money that you don’t have. Instead we seem to have learned the opposite — that we just need to find fresh piles of money to keep the whole thing going. As my friend Jim Pfaff noted at his anti-stimulus rally in Denver last Tuesday, this is Madoff-nomics, writ large...

https://foxforum.blogs.foxnews.com/2009/02/24/kerpen_madoff/


Informant: Thomas L. Knapp



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