And they want to continue the same policies. “If we borrow and spend more while making credit available to people who are marginal then we can get back to the good days....”
Our GDP needs to contract at least 20% in order to get it back in line. Spending at the government level needs to be reduced by amounts people simply cannot fathom. Housing needs to come down at least 15%, maybe even 20% and savings rates need to come up.
Yep—we’re in for a rough ride.