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Joined: Jun 2004
Posts: 21,134
Administrator Bionic Scribe
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Administrator Bionic Scribe
Joined: Jun 2004
Posts: 21,134 |
For a generation, Americans snapped up clothes tailored to every demographic, bought the latest sport utility vehicles and piled on the wide-screen TVs.
No more. The nation's long buying binge appears to be over. And that's probably bad news for the economy.
Today, when the government issues its first snapshot of growth in 2008, the role played by U.S. consumers will appear smaller and faded compared with the past, when, year after year, their spending became ever more important to the economy.
"We're at a watershed moment," said Jay P. Feldman, an economist with Credit Suisse in New York. "The era of consumers living beyond their incomes is at an end."
Life is a banquet -- and most poor suckers are starving to death -- Auntie Mame
You are born naked and everything else is drag - RuPaul
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Joined: Aug 2004
Posts: 1,489
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Joined: Aug 2004
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"We're at a watershed moment," said Jay P. Feldman, an economist with Credit Suisse in New York. "The era of consumers living beyond their incomes is at an end." Every bubble eventually bursts. In this case, I think this is a positive development....at least for the long term. There's going to be some short-term weeping, wailing, and gnashing of teeth, but the difficult lessons are the ones that stick with you.
Larry
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"To the intelligent man or woman, life appears infinitely mysterious. But the stupid have an answer for every question." - Edward Abbey
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Joined: Apr 2005
Posts: 1,499
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Consumers managed this feat by doing three things -- reducing their savings, taking on debt and relying first on rising stock prices and then on increased housing values to keep them financially whole. And for most of the last 2 1/2 decades, that strategy worked. "God Bless Us Gamblin' Dumbasses,Each and Every One". 
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You can fool some of the people all of the time and all of the people some of the time,but you can't fool all of the people all of the time.[A. Lincoln]
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