Friday, October 9, 2009
World financial crisis 'not over'
According to the New University professor economic crisis are not over yet. He says in the future the consumers will be suffering with debt and they will cut back on spending and save more. This is not a very optimistic way of seeing the future of the economy but we sometimes do need to realize what is happening with our economy.
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Reading this article is somewhat eye-opening. The vast majority of people have been getting increasingly optimistic about the US and world economic circumstances. Most economists, even, have seemingly declared the worst to be over. However, this economist is much less upbeat, saying that not only is there further to fall, but also that things are already going wrong in order to "plant the seeds" of the next crisis.
I agree, most of the articles we read these days, or economists we listen to, are pointing towards a brighter future. This specific economist says that we are overdosing on the "froth" (pumping money into our system to ease the pain), thanks to the Fed. I hope he is wrong for the sake of our future, however, economists are known for painting too rosy of a picture as we have learned in class.
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