Re: [Pen-l] Obama's economic team

[Louis Proyect <lnp3@xxxxxxxxx>]

Bill Lear wrote:
> The writer, after noting the "steep deficit spending" seen on the
> horizon by the Wall Street Journal, quotes with approval "Merrill
> Lynch economist David Rosenberg" who claims "it was excess (debt and)
> leverage that got us into this mess", which is conventional, but I
> think quite wrong, as Dean Baker has pointed out.  Rosenberg then
> claims we need savings to rise to get us out of this mess, which
> seems a recipe for disaster.

Bill, I didn't find any "approval" in Lendman's article. I think he was 
quoting Rosenberg just to put things into context. You'll note that he 
put scare quotes around "frugal", which sort of indicates to me that he 
has a different outlook than Rosenberg.
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