Joseph Weisenthal

mattlehrer:

I’ve been thinking about this a lot and I think it defines the difference between the US consumer / economy and the rest of the world going forward. Since WWII and more so since 1981 / Reagan, US growth has been fueled by massive expansions in public and private debt. I don’t think that pace will continue for at least one generation, probably two - it took fifty-plus years after 1929 for the party to really start going again. I’m not saying ‘it’s different this time,’ I’m saying it wasn’t different the last few decades and we are now paying the price.