Friday, May 14, 2010
Book Review: This Time Is Different: Eight Centuries Of Financial Folly by Carmen M. Reinhart and Kenneth Rogoff
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I don't think it's that simple. Looking backwards at events is very different from predicting events. Even today we could reverse course if our politicians had the guts. So while I agree we are facing an economic disaster of biblical proportions I don't agree that recent history is prophetic.
ReplyDeleteIt's important to know the reasons things happen otherwise we would make the same mistakes again. Our problem is our politicians have been buying votes with tax revenues and in the process created an enormous welfare class. Now everyone on the dole, including government employees, don't want the gravy train to end. It is political suicide for any politician to try to rein in or end the gravy train. There is no other choice now but to watch this train run off the tracks taking our country with it.