Austerity is needed, this just seems such an extremely bad time for it (Hoover here we come). Peak oil is not an energy crisis. It is a liquid fuel crisis.
Yeah, let's make the oscillations of the economic cycle deeper by being "sensible". The peak-to-trough part of the business cycle is an outlier. Carnot would have died laughing.
Thus we are so sensible, have schooled ourselves to so close a semblant of prudent financiers, taking careful thought before we add to the 'financial' burdens of posterity by building them houses to live in, that we have no such easy escape from the sufferings of unemployment. We have to accept them as inevitable results of applying to the conduct of the State the maxims which are best calculated to 'enrich' an individual by enabling him to pile up claims to enjoyment which he does not intend to exercise at any definite time.
We have learned nothing. Worse, we have forgotten what we once learned.
Californians have been spending more than they've been earning.
