Monday, December 22, 2008

Painful adjustment

It's true we're in for a period of adjustment.

The Wall Street Journal points out that developers too are going broke. (That's a preview only.)

So we were making stuff we didn't need, to sell in too many malls. Now the party's over.

Here's the scary thought: what if deflation is inevitable if we're going to compete with the rest of the world?

Yet free trade is still essential.


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