There have been a few interesting articles/threads lately with some suggesting LBYM/frugality is (coming) back in fashion and others suggesting Americans will mostly go back to their old free-spending, short-term thinking, over-leveraged, entitlement-minded ways as soon as they can. I hope the former is true.
As costly as they are, the stimulus/bailouts are short-term propositions, alone they will not change our long-term behavior in a meaningful way IMO. Americans (if not everyone) memories seem to grow shorter with each generation in an ever faster paced world.
What it rests on? If we don't enact/restore effective
regulations (restore Glass-Steagall, restore loan qualifications, get the SEC back on track, exec compensation, etc.) to prevent this from happening again, I think we will find ourselves in this situation if not worse again in the next 10-15 years. This is a crucial point IMHO
, and an unlikely source but here (about 2:00 minutes in) is the clearest, most concise explanation I have heard yet Elizabeth Warren Pt. 2 | The Daily Show | Comedy Central
I don't particularly care for Jon Stewart's politics, but I think Elizabeth Warren should be in charge of our economy right now. I had seen her on other shows before and been very impressed.