Nov 30 2008
Hard times? Sacrifice? Put the shovel down!
Wafer-thin-mint?
“no, no, I couldn’t…?”
Apparently, even on the dawn of the end of the world: mortgage foreclosures—people being thrown out of the houses they couldn’t afford in the first place, people losing their jobs—unemployment going up up up, high energy prices, money unavailable to borrow—interest rates on those credit card balances going up up up, BANKS GOING OUT OF BUSINESS, retirement savings slashed in half!
No, we’re not done yet! People, with shovel in hand, keep digging. We’re not at the bottom. Poor Schlubs!
What is wrong with you people—Put the shovel down!
I guess it’s clear—why should we stop spending (and realize we are in real trouble) when the government can’t seem too? (People think and feel the same way about the people screaming about global warming from their mansions ivory towers and private jet airplanes…)
Other Voices:
Black Friday kills by Michelle Malkin
SOUGHT: WAL-MART SHOPPERS WHO TRAMPLED WORKER by Drudge
Has America learned a lesson about consumption? Ed Morrissey
Stephen Roach believes that the painful economic contraction we’re about to experience will remind Americans of some basic truths about consumption. In today’s New York Times, Roach says that the period between the last recession and now has been marked by the unique phenomenon of assets-based consumption. We need a return to income-based consumption, and the transition is going to sting.
