3/5/10
Today’s lead “Business & Finance” blurb in the Wall Street Journal’s front page “What’s News” column read like this:
“Consumers snapped up spring (sic) merchandise at close to full price in February, driving same store sales up 4.1%. Retailers, including Abercrombie and Nordstrom, saw big improvements, and the results, coupled with performance in recent months, suggest shoppers, if not spending as much, are dropping ultra-frugal habits.”
This was taken as unmitigated great news by the solons of Wall Street and the modern economics profession, along with their accomplices in the financial press.
Ironically, on this very day that profligacy was being celebrated by the nation’s leading financial newspaper, a friend from grade school sent me a quote from Abe Lincoln, part of which was:
“You cannot bring about prosperity by discouraging thrift.”
If our sixteenth president were writing, oh, maybe 145 years later, he also might have said that the Republic is doomed.
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