For two years pundits have claimed the economic meltdown was caused by irresponsible Americans who overcharged their credit cards, took on mortgages they could not afford and failed to save. Americans needed to save more and get their credit in order.
Pundits now complain the economic recovery is stalled because the American consumer remains largely on the sidelines. If Americans continue to save at current record levels and fail to return to the marketplace, there will be no expansion.
Conflicting messages, anyone?
Here's what I think...
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