onairbil

And now over to Bill Bonner in Johannesburg, South Africa:

“Shopping has become a patriotic duty in America,” writes Tom Leonard in the Telegraph.

Remind us how that works again…

Let’s see, the Wall Street insiders made billions in bonuses and fees during the Bubble Epoque - and they were smart enough to take the money off the table. Then, when the bubble popped, they were a little short of money down at the shop. And since they didn’t have any money, they couldn’t lend any. And since they couldn’t lend, well, Americans couldn’t borrow…and since they couldn’t borrow…they couldn’t shop…and since they couldn’t shop…the whole kit and caboodle of the U.S. economy came to a halt.”