Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.

"We will have to live within our means. I know it's a troubling phenomenon. But we're not going to be able to spend at levels well above our income levels."

That's been the truth for years - it's been hidden by making debt incresingly easy and cheap - a crazy double or quits on the back of average Americans, which had the advantage of hiding that revenues were not keeping up with expenses.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Sun Aug 26th, 2007 at 02:38:31 PM EST
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