Friday, September 26, 2008

triple witching hour of housing bust, stock market bust and credit cont

Not This Time

Consumer spending accounts for three-quarters of the $14 trillion U.S. economy. But this time spendthrift Americans, reeling from multiple blows, may not be able to come to the rescue. Their homes are still falling in value; stock market volatility has set everyone on edge; cash-out refinancing has nearly disappeared; and credit from other sources will soon run dry. People are losing their jobs. Personal debt (mortgage and other) hovers at 100% of annual GDP. Even if people wanted to spend it's harder than ever to do so

Posted by malct @ 11:34 AM (539 views)
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