Dr. Peter Morici on the other $700 billion - America needs to stop consuming more than it produces
Sep 29th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Dr. Peter Morici, in a wide-ranging speech delivered to the New York Mercantile Exchange, last week, said that America needs to stop consuming more than it produces. It needs to stop running huge trade deficits and borrowing so much from the rest of the world to pay for it. He also said that the Wall Street culture of entitlement must be changed and compensation has to be aligned with other industries as well as shareholder interests.