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I tend to agree. If Americans are good at one thing, it's not learning the lessons of history.
by mattmaroon 17y ago
I tend to agree. If Americans are good at one thing, it's not learning the lessons of history.
- cwan 17y agoI don't think that's a uniquely American trait... something about being human. That said, I'm not sure that spending itself was the lesson that needs to be learned - it's about going into debt to spend on things that didn't generate value/and were unnecessary. With respect at least to this point, I think Americans will ultimately be more frugal because they'll have to be (higher interest rates, lower debt ratios). Previously unsustainable low interest rates along with loose loan underwriting obviously didn't help.