As Usual: Taplin's On Top Of It

and I, like Krugman, remain "terrified."

I’m going to keep saying this until it becomes the new “conventional wisdom”–we are entering an Interregnum. The American financial system is in a critical transition from a consumption/debt to a production/savings economy. Larry Summers and his colleagues don’t understand that the citizens of the country woke up from a long slumber in the last year. Even though gas prices have fallen dramatically, we still drive less. Even though every store offers 70% off, we still shop less. We will never collectively borrow as much as we did 2 years ago. I’m well aware that we are still along way from the 25% unemployed in the Depression, but if the economists and politicians don’t realize where we are heading, we could enter our Second Great Depression.
The America of 2015 will look very different. Just how different will be determined in the next few months.