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Thursday, February 01, 2007
Un-Depressed
I think this story pretty much confirms that the impact of the great Depression is a distant memory:
WASHINGTON - People once again spent everything they made and then some last year, pushing the personal savings rate to the lowest level since the Great Depression more than seven decades ago.People have become so sanguine about economics and their personal exposure to risk, they just spend away. The economic fear that was passed down from our parents has truly been purged from the national psyche. Wonder if that's a good thing or not?
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"Those who cannot remember the past are condemned to repeat it."—George Santayana
I know and completely agree. Laws of economics suggest that the piper will have to be paid.
My biggest concern is the longer you wait to pay, the higher the price and the stiffer the pain. If you look at much of the micro-economics, there is no rational reason consumers should be continuing to spend the way they do.
But they do.