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Strategies & Market Trends : Coming Financial Collapse Moderated
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To: Davy Crockett who wrote (542)7/24/2001 4:56:37 PM
From: pater tenebrarum  Read Replies (1) of 974
 
the problem you describe is probably symptomatic for a wider problem that is beginning to dog the economy...note e.g. that the most aggressive lenders in credit card land have seen vertigo inducing jumps in credit losses lately.
and yet, the Fed's stated goal is to keep the consumer spending (and by inference, take on even more debt). that is NOT the policy that is called for here. people should be induced to re-build their personal balance sheets rather than depleting them further. private sector savings have done a disappearing act last year of frightening proportions (people expected the market to take care of their savings by marching ever higher). of course, the proper course of action means short term economic pain would increase...the alternative however is even worse: a lingering malaise, similar to the never-ending story in Japan over the past decade.
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