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

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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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