Pogo’s Take on the Economy
Arguably, the comic strip character Pogo’s most famous quote was, “We have met the enemy, and he is us.” That pretty well describes how we got into this mess in the economy and why it is going to be so difficult to get out of it. There is plenty of blame to go around. We had “cheap” mortgages; business was good; the economy was strong; the consumer savings rate dropped to almost zero. Then the enemy showed up (us), and everything blew up.
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