You know, if all we're doing is spending and we're not making things, then over time other countries are going to get tired of lending us money and eventually the party is going to be over. Well, in fact, the party now is over.
He immediately followed this up with:
Our immediate job is to stop the downward spiral, and that means putting money into consumers' pockets, it means loosening up credit...
Very schizophenic - the first quote almost worthy of Schiff and other Austrian economists, the next apparrently cribbed from the pages of Krugman's NY columnn.
ReplyDeleteThat said at least the first quote shows a move in the right direction which is more than can be said for Brown and Darling in the UK.