Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Softechie who wrote (39655)	3/11/2002 2:21:37 AM
From: Dave Gore	Read Replies (2) of 99280

Softechie, the reason consumers have money to spend is not only due to low unemployment, but many refinanced their home at lower interest rates, not only reducing their monthly payments by a hundred dollars or much more a month, but the real kicker it that they took out tens of thousands of dollars of equity when they refinanced. Many homeowners have seen the value of their homes rise dramatically in the last few years and many had hundreds of thousands of dollars of equity, some of which they decided to take out when they refinanced. I am not sure we have to worry about future consumer spending as much as some think. Pulling out money on a re-fi is like getting $50,000 or more to spend that you didn't have before. And Americans LOVE TO SPEND MONEY! LOL! Also, since inventory levels are way down, that should help GDP achieve 3-5% growth next quarter. The Corporate recovery is all but assured.

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