Our discussion of Credit Card usage leads us review this:
Since 2000, American households have spent more than they earned – a shift from
the prior 3 decades. Q3 2005 household spending was a record $531 billion more
than their after-tax earnings (annualized). Consumer spending was 76% of Q3 GDP
- a record high, up from 73% in 2000.
Home Equity Cash Outs; Bank Mortgage assets as a % of total assets
Residential real estate is a record 204 percent of
disposable personal income, compared with 150 percent in 2000.
Quote of the Day:
“If all the economists in the world were laid end to end
they still wouldn’t reach a conclusion.”
- George Bernard Shaw
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.