MicroSoft CEO Steve Blamer said the following recently:
We’re certainly in the midst of a once-in-a-lifetime set of economic conditions. The perspective I would bring is not one of recession. Rather, the economy is resetting to lower level of business and consumer spending based largely on the reduced leverage in economy.This hits the spot directly for me. We've over-spent and over-borrowed for many decades. Now the time has come to pay the piper. The biggest worry I have is that efforts to prop up the old model will only make matters worse. I don't think that means we should take no action, but it does mean that we shouldn't take action-for-actions-sake, nor should we attempt to spend-and-borrow at an even greater rate. The current Administration's plans for "economic recovery" are even worse than the old Administration's plans. But given the stupidity and hubris of the current ruling elites (in both parties, and in the other places where the ruling elite tend to settle) I expect them to take the current set of crises and turn them into utter disasters.
H/T: Steve Sailer