I think that a lot of people are scared about the global macro situation, and I am as well - for the first time ever we have all these zero to flat interest rates around the world and a very correlated global economy where governments are all printing lots of money at once. Assets all inflated then all went down.
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The truth is often painful but nonetheless it is important that we live in the real world. Just as little kids have to come to grips with the fact that there is no Santa Claus, it is necessary for millions of liberals, including many who think of themselves as highly knowledgeable about economic matters, to realize that President Clinton's policies sent the economy seriously off course. In Washington it is common to tout the budget surpluses of the Clinton years as some momentous achievement, as though the point of economic policy is to run budget surpluses. Of course the point of economic policy is to produce an economy that improves the lives of the people in a sustainable way. Clinton badly flunked this test.