Ultimate Day of Reckoning

Peter Goodman writes about the troubles of the American economy and how it is in the interest of the world to keep it afloat - but at what cost?
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"But all the while, the debt mounts along with the costs of an ultimate day of reckoning. Debate grows about the wisdom of leaning on foreign credit, and about how much longer Americans will retain the privilege of spending and investing money that isn’t really theirs.
Bailouts amount to mortgaging the future to stave off the wolf howling at the door. The likelihood of a painful reckoning is diminished, while the costs of a reckoning — should one come — are increased. The costs are getting big."

A Day of Reckoning

Published: July 20, 2008