Are America's best years behind us or are we headed for new heights? We've heard from both sides of that debate on Making Sense. Last spring, David Stockman, director of the Office of Management and Budget under President Ronald Reagan, yearned for 19th century America and warned that believers in a "sunny future" are blind to the debt bubble. Just as quick to condemn America's dependence on printed money and predict a spectacular economic bust was former trader Terry Burnham, now at Chapman College.
But not all economists are so gloomy. When we saw Charles Morris, the man who analyzed the crash several years before it happened, writing about what he called "the best-kept secret in the economics media," we thought we'd better tune in. "Comeback: Why the US Sits at the Brink of a New Boom" is Morris' prediction of a long-term growth period rivaling the 1950s and 1960s. And it's not going to be a self-destructive boom, as afflicted the housing market; it will be rooted in manufacturing and energy, Morris says.
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Pretty interesting read here. Fire away, doom-and-gloomers.
