Another article on lessons learnt, this time by Fareed Zakaria in Newsweek. In his usual balanced way, he articulates how this crisis may actually force Americans to kick the debt laden habits of old and get back to the basic economics of living: do not consume more than you can earn. And there is no free lunch. You pay now, or you’re in debt.
Zakaria: A More Disciplined America
Which brings me to a very interesting point that Volcker made on the Charlie Rose show on PBS last week. I’ll post that in a separate blog.