Quote of the Day: David Rosenberg on tax rebates to buy iPods

By Edward Harrison On Jul 10, 2008

Chief North American economist David Rosenberg said the following about the Bush Administration’s fiscal response to the credit crisis:

We are nervous that we have ended up following in Japan’s footsteps due to the inept fiscal response to the problem. A temporary tax rebate from Uncle Sam to buy iPods tackles a real estate deflation and credit crunch as effectively as the LDP’s [Japanese Liberal Democratic Party] ‘solution’ in the early 1990s to build bridges and pave river beds that nobody needed.”
–National Post, 9 Jul 2008

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Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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