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10.22.09
Back to the Future

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.

10.22.09
Goldilocks vs Chicken Little

To begin on a personal note, when your editor was a college student in the 60’s studying human biology (in classrooms, I might add), I was dismayed to find that the curriculum for such studies reduced virtually all my ‘wholes’ to ‘parts’ and all my living subjects to mathematical formulae. Having expressed a desire to study life, I was required to study numbers.