Sunday, December 21, 2008

Op-Ed Columnist - China to the Rescue? Not! - NYTimes.com

Op-Ed Columnist - China to the Rescue? Not! - NYTimes.com: "It’s good advice. China is not going to rescue us or the world economy. We’re going to have to get out of this crisis the old-fashioned way: by digging inside ourselves and getting back to basics — improving U.S. productivity, saving more, studying harder and inventing more stuff to export. The days of phony prosperity — I borrow cheap money from China to build a house and then borrow on that house to buy cheap paintings from China to decorate my walls and everybody is a winner — are over."

It all started when we elected an actor to be President of the United States. Phony Prosperity. Indeed, that is what the Republican years, interrupted with Bill Clinton, will be seen as.

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