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Alan Quasha On Saving Our Economy

June 8, 2009

piggy bankDiscussing the current financial crisis, Alan Quasha, in an article which appeared in “The Daily Beast” offers several concrete suggestions for an economic recovery which will not “mortgage our grandchildren’s future.”
Opening his article with a quote from Winston Churchill, “Americans can be trusted to do the right thing, but only after they had exhausted all the other alternatives”, Quasha continues with a description of the seriousness of our deepening recession.
“America is frighteningly overleveraged, saddled with $54 trillion of debt, or 360 percent of our $15 trillion economy. Americans’ pre-2008 $56 trillion of net worth has dropped $20 trillion in the last six months alone—the greatest loss of wealth in the shortest time in history.”
Quasha also suggests that recent actions taken by the new U.S. administration seem to be heading down the wrong course, as suggested by the financial markets.

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