Left Unsaid: The Real Problem is Debt
It isn’t the lack of available credit causing the present economic distress, rather the mountain of debt that finally grew to the point where it is unsustainable (via Henry Blodget, Silicon Alley)…
I’m seeing very odd interpretations from the government, in particular about what we need. The government isn’t thinking about deleveraging. The government is talking about jump-starting consumer credit. I hear the word jump-start all the time. It is such a bad word. Jump-start consumer credit for what? So we can be more indebted?
So what has to be done?
We need to reduce the debt. If you jumpstart credit, you are just going to prolong the problem and deepen it. What we need now is the patience to de-lever. We don’t need the stimulus package. We need a savings package, but that couldn’t be further from the goals at the moment. The mistake is that the government believes credit drives the economy, instead of the economy driving credit. They have got that backward, and this is a very dangerous time to be misfiring.
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…how can this not end badly?
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