No Change In Management

clipped from pajamasmedia.com Although I have no way to quantify my conjecture, I suspect that at least part of malaise is due to a lack of confidence in the institutions which had charge of the economy. When a company goes bankrupt getting it back on its feet normally requires making changes to management. But in this case its unclear what has fundamentally changed in the ways of doing business. The same old faces and the same old spending, with minor differences, are on order just like last time. If anything the bailouts suggest that the game of musical chairs will continue, but this time with publicly borrowed money.