The economy: our definition of crazy?

I keep reading editorials, letters to the editor and posts to the blogosphere that we just need to be patient - wait for the inevitable economic turnaround. This presupposes that our current situation is simply a blip - albeit a particularly nasty one - that we can just spend our way out of, as we’ve done in the past. It also presents a simplistic view that, really, the current mess is a result a failure in just one sector or the other - housing or a few Wall Street bad actors. Nothing could be further from the truth.

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