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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (53405)2/10/2006 1:41:21 PM
From: UncleBigs  Read Replies (1) of 110194
 
UncleBigs you are correct about time preferences.
Time Preferences WILL change.
One can look at the negative savings rate and say they it MUST change.

But... It is not cause.
The cause is the inability to take on more credit (or refusal of the system to provide more credit)

A shift in time preferences can be caused by a number of things. It could be due to debt saturation or the inability to take on more credit. The cause could be anything that swings the mass psychology towards risk aversion.

I think that's why our government views maintaining the stock market on a continual upward course is a matter of national security. The stock market is the single best barometer of mass psychology.
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