America Viewed By Martin Varsavsky
I found this fascinating quote today by Martin Varsavsky:
American overspending is not only seen in the perennial budget and trade deficits but in the last years it reached historical heights with the absurd secondary mortgage market that is bringing the US banking system to its knees. Bear Stearns is gone, Lehman is bankrupt, AIG is shaking, Citigroup is 75% down, Merrill was just rescued by Bank of America and is also 50% down from its peak. USA is paying dearly for the combination of the desire of US elected politicians to please voters and overspend and the desire of the average American to live beyond his/her means and take unpayable mortgages and overspend.Is America´s success a thing of the past?, Sep 2008
You should read the whole article.