Tuesday, September 28, 2010

Rinse and Repeat

Krugman of 25 September:

I think it’s fair to say that a majority of economists believe that excessive private debt played a key role in getting us into this economic mess, and is playing a key role in preventing us from getting out.

Q: What's that?

A: Private debt.

Q: huh?

A: Private debt

Q: What??

A:  Private debt is the problem.

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