Monday, September 16, 2013

Do you agree - The Washington Post voices opinion on cause of recession!

Do you believe this?  I don't -- I firmly believe that hard work is rewarded and that if we are working hard then success can be continued. Of course his point about entitlement is not lost on me. Happy Birthday to the 5 year recession.

Robert Samuelson: The financial crisis still confounds - The Washington Post: "We were victims of success. The crisis originated from 25 years of prosperity, from roughly the end of 1982 to the end of 2007. This conditioned people — bankers, regulators, economists, almost everyone — to take stable growth for granted. The longer the prosperity continued, the more it inspired the risky behaviors that ultimately wrecked the economy. These included over-borrowing by consumers and financial institutions, housing speculation and loose regulation. The “causes” cited by left and right were usually the consequences of a delusional mind-set: a belief that once-risky practices were prudent in a world of near-perpetual prosperity."

'via Blog this'

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