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Well, there are a lot of smart people on Wall Street. But this one is at least smart enough to look beyond his bottom line.

A good read. Even if it isn't a 100% accurate in figuring out the problem, there is certainly some truth to it. What I mean is that I imagine this played a part in the current economic issues if it wasn't entirely responsible and should be considered.

Finally, somebody comes out and says what is really wrong. How long could the US keep buying stuff from the rest of the world and not producing anything to sell to them? The corporations need to get over their cheap labor addiction and get Americans working again. Otherwise, we're going to be drained until we're a third-world country.

A good read and pretty accurate - the only thing he left out is that the US and other western industrial nations desperately need to invest in energy independence in order to have truly sustainable growth.

Energy underpins everything. Without it the rest of the economy cannot function - If you look at those countries who are best weathering the current financial crisis, its net exporters of energy (Saudi Arabia, France, Kazakhstan, etc.)

The one thing I have yet to see realistically addressed, and this may simply be for lack of data, is to what degree people were compelled into debt by the escalating cost of health care and education. Basically, I'm thinking that if you haven't seen a significant wage increase in 8 years it becomes more and more attractive/necessary to take out that second mortgage.

I have read in several sources that medical expenses are the no.1 cause of bankruptcy in the USA. I don't have any references to hand though.

I generally agree with the author, although I think he overlooks a few minor points that don't really impact the conclusion.