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The US Consumer is gravely ill

NMW1982

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The longest American shopping spree on record is over.

The Commerce Department reported this morning that consumers sharply cut their spending this summer, causing the United States economy to shrink at annual rate of 0.3 percent. By almost all accounts, the economy is now in recession.

The last quarter in which consumers reduced their spending came in 1991. Since then, neither the recession of 2001 nor the slow income growth of the past seven years has kept households from increasing their consumption. They often relied on debt "” in the form of home-equity loans, mortgage refinancings and credit-card loans "” to continue spending.


http://economix.blogs.nytimes.com/20...s-cut-back/?hp
 

Eccentric

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What you describe is not illness, but rather a little common sense being exercised. People realize that they can no longer rely on monumentaly idiotic tactics like taking out home equity loans for recreation.
 

mattg

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Who would have ever thought that using your home like an ATM would get you in trouble............
 

NMW1982

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I think this just means SEVERE discounts at retail stores are sure to come. 50% off will be dime a dozen.
 

ohm

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It's just a flesh wound.
 

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