Collective Prolifigacy

This is a crisis brought on by our collective profligacy, which manifested itself in too much spending, too much debt and no savings. The normal way to get out of a situation like that is to spend less, reduce borrowing and save more. I’m wondering why we haven’t taken that approach – well, I know why, but I still question the response.

Julian Robertson quoted by Rolfe Winkler at Option Armageddon