Monday, March 31st, 2014

We Can't Spend Ourselves Rich Anymore

"Borrowing sustained the mass consumption model for a few decades. Non-rich households borrowed to buy cars, buy food, pay medical bills, buy ever-more-expensive houses, and so on. Conveniently, rich households had plenty of spare cash to lend them. That model broke apart in 2008 and has not — and cannot — be revived."


4 Comments / Post A Comment

deepomega (#1,720)

"I don’t see how you can understand our current unhappy economic state without some sort of Marx-inspired analysis."

And that's when I hit close tab.

@deepomega Nope, fellow worker, I read on.

I only closed the tab once I discovered he wasn't referring to Chico.

KarenUhOh (#19)

Perhaps the first analysis to summon Karl Marx to interpret Johnny Paycheck.

Or, perhaps not.

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