We think the truth lies somewhere in between the rosy scenario of the Goldilocks crowd and the manic hysteria of the Chicken Littles. As a model of prudent analysis and forecasting, we appreciate Pimco’s co-CEO Mohamed El Erian, who began 2009 with a widely circulated prediction about a “new normal” for the West that is frugal compared to the heyday of conspicuous consumption.
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