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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (56891)4/3/2006 9:46:12 PM
From: GraceZ  Read Replies (2) of 110194
 
That has to be factored in. It is huge and you ignored it.


Financial services are one of the expense groups that people are paying for in addition to all the other stuff that they buy. In other words, they are buying all the things to maintain a middle class lifestyle as well as paying the interest on purchases bought on credit.

To believe that people are simply borrowing endlessly without paying it back to maintain lifestyles beyond what they can afford you'd have to make the argument that most American families are basically insolvent. This isn't true, a very small percentage are. Many Americans are technically bankrupt the day they graduate from college (student loans and few assets) or when they take out that first car loan but they are usually in the plus column net worthwise by their mid 30s and certainly by their fifties and sixties.
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