The guy can drive me nuts, as he is often vulgar and then the next moment sickningly prudish, but rather often he hits one right on the nuts:
Everyone is looking for a free lunch, both government and private sector. PIMpCO's Bill Gross, Geithner, Obama, Bernanke. None of them want to talk about the fact that the so-called "growth" being boasted about is a damned lie and most of it through the 2000s and a lot of it in the 1990s never happened at all! That is, we didn't have actual growth, we had leverage expansion, which works the same way as does "multiple expansion" in the stock market - and is equally-unsustainable.
How else could lifestyles have expanded the way they have while wages have been flat to falling over that time period? Debt.
Globalization as we did it was a BIG mistake. With no environmental protections, intellectual property protections, and slave labor in other countries it was a screw job for us. I'll admit I was wrong in that area, and next time someone tells you how great Thomas Friedman is punch them in the nose.
But we are were we are, deflation is here and the leverage has dried up and lifestyles are going to correct back to something less than before the little experiment. Bye Bye McMansions, Bye Bye strip mall. Hello garden.