A "Nation" is merely a reflection of the values of the people that compose it. This country is made up of immigrants and the descendants of immigrants who gave up everything to come here in pursuit of wealth and freedom at any cost -- today that cost includes our moral fiber.
Pain is a greater incentive than pleasure. It will take major pain before Americans abandon their profligate ways, IMO.
Auerbach writes a weekly column at the Prudent Bear website. While he has long been critical of the Greenspan Fed and the Bush treasury, this is the first time I can recall him writing in such apocalyptic terms.
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