I have read in this web site and in other journals several appeals to the private sector to follow the federal government’s lead in trying to stimulate the economy. To sum up their comments, “The Feds have done their job, now the private sector must do its part.”

For starters I find this rather amazing coming on the heels of near universal condemnation of consumers for spending way beyond their means for big homes, fancy cars, huge televisions, luxury cruises and the like that is blamed for the Great Recession. After having shamed the consumer into saving more (actually paying off past debts) and spending less, these same latter day Calvinists now demand that the consumer go on a spending binge. Well he will anyway, since it is the Christmas holiday season.

When I pointed out this inconsistency, one reporter said that he meant that private business should spend more, not private consumers. Well why would a private business spend more if consumers are not spending more? Why expand or refine your delivery of a product or service to the market if the market is not growing?

In any case, as I have said several times now, I remain confident that the consumer will soon shuck his sack cloth and ashes and buy fancy dress, at least for the holiday season.