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October 24, 2008


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Tom Smith

Nice job. I found out about this because Gary Null is reading it right now today on his internet radio show on prn.org


I think that the debt mess stems from several factors that reinforced one another. The rapid growth of the financial service industry - which forced deregulation and pushed securitization, our huge external deficits, which made it possible for us to borrow and spend, and stagnant wages due to a surplus of skilled labor - which caused wages to stagnate. Everyone lived beyond their means. No one wanted to stop spending. Now we are all paying for our reckless choices.

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