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At such moments, Mendelssohn can sound like a parody of a hipster entrepreneur. But his devotion to Lawrenceville is profound. He is the vice president of the Lawrenceville Historical Society and has an encyclopedic knowledge of the neighborhoods byways and folklore. He can launch into disquisitions on Lawrencevilles manufacturing history or its most illustrious son, songwriter Stephen Foster. He is a developer with the soul of a preservationist.
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The simplistic textbook answer is savings". I would suggest that a better answer is imbalances in the real economy fueled credit expansion. If our (US) trading partners recycle surpluses of 6% of GDP, and if wealthy households are saving 9% or more of GDP (keep in mind that in 2005 the top 1% of households received 24% of income), then that's a lot of money flowing through the financial system - a wall of liquidity or a global savings glut if you will.
However, a declaration by oath is by any reasonable interpretation the highest order of promise. It is a solemn and formal affirmation, which if broken, forever marks you as a person without honor, and a person who cannot be trusted. Not to mention that you forfeit any privileges or benefits of your status as a citizen... Even if one finds the last 4 words meaningless, the rest of the oath still applies.
And I will agree with one thing. The Democrat's biggest problem is that the benefits they deliver are almost always indirect. One thing Bush did politically right, when his tax cuts went into effect, he put a check in people's hands. Obama's payroll tax cuts were more significant for more people, but they were virtually invisible. If they had come in the form of checks instead instead of different numbers on a paystub nobody looks at anyway, the Democrats probably wouldn't have lost yesterday.
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