Mugged by the Debt Moralizers

[mgc1961]

“How many of you people want to pay for your neighbor’s mortgage that has an extra bathroom and can’t pay their bills?” That’s the question CNBC’s Rick Santelli famously asked in 2009, in a rant widely credited with giving birth to the Tea Party movement.

It’s a sentiment that resonates not just in America but in much of the world. The tone differs from place to place — listening to a German official denounce deficits, my wife whispered, “We’ll all be handed whips as we leave, so we can flagellate ourselves.” But the message is the same: debt is evil, debtors must pay for their sins, and from now on we all must live within our means.

And that kind of moralizing is the reason we’re mired in a seemingly endless slump.

Read it all at http://www.nytimes.com/2010/11/01/opinion/01krugman.html?hp

To this I will add the words of Alexander Hamilton who wrote: "A national debt, if it is not excessive, will be to us a national blessing."

[USA_1]

1. ''Deficits don't matter''

according to Dick Cheney ~ therefore, let all your Republicans friends know it ;)

[DirkGently]

2. How many of want our houses underwater & our investments devalued to pad the lifestyle of a banker?