Page 108 - Accelerating out of the Great Recession
P. 108
EVEN IN THE WORST OF TIMES
savings rates increased as both corporate and personal levels
of indebtedness declined. Frugality became a new norm.
As the worst downturn since the Great Depression, the
Great Recession will usher in many similar new realities. As
Mark Twain famously said, “History does not repeat itself, but
it often rhymes”—echoing the past more closely than we
might wish.
■ 87 ■
