Believe it or not, this really is pretty much how recessions work. And how anyone thinks that austerity will help jumpstart an economy is beyond me.
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One Comment
Book about Andrew Mellon called “Mellon” written by an English man. Secretary of the Treasury going into the great depression. Lowered the tax rates to the rich. The rest is history.
http://www.amazon.com/Mellon-An-American-Life/dp/B000JCE35W/ref=sr_1_1?ie=UTF8&m=AG56TWVU5XWC2&qid=1344081165&s=generic&sr=1-1
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