Monday, June 27, 2011

David Stockman: The Ponzi Sector of our Economy must be allowed to Fail

Stockman distinguishes between the Ponzi Sector and the rest of our economy. Letting the Ponzi Sector defraud itself into oblivion would have been the greatest gift America could have given itself and the world. What we did instead was guarantee that we will encounter bigger Ponzi Sector-induced crises in the future. Even our robust and resilient economy has limits in terms of the amount of fraud and mismanagement it can absorb. We brought out the shovels and we're still in a ditch, and still digging...

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