Does the Economy Need Oniomaniacs?
Oniomania (from Greek onios = “for sale,” mania = insanity) is a medical term for the compulsive desire to shop. Oniomania is the technical term for the compulsive desire to shop, more commonly referred to as compulsive shopping, compulsive buying, shopping addiction or shopaholism. Wikipedia
The consensus coming from Washington DC is that the solution to the coming recession is more of what got us here in the first place- borrowing and spending. Not only does Congress and the White House plan on continuing this dangerous trend, they’re encouraging all Americans to be good citizens and do the same. So, apparently, what the economy needs are a few million oniomaniacs and banks brave enough to issue them credit.
But why are we taking advice from the politicians whose tax, borrow and spend policies created this fiasco in the first place? They have lead us to this precipice and are now telling us to “Jump! Trust us! We know what we’re doing.”
I’d prefer to listen to Peter Schiff and Dr. Ron Paul- prophets who have warned us for years of the coming crisis. They were correct in their diagnosis, so I have faith that their advice to save and produce is the optimal cure.