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Politics : Politics for Pros- moderated

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From: LindyBill	7/18/2007 8:53:09 AM
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New Cars Are The American Way To Stay Poor DAILY PUNDIT By Lastango on General I've always thought that, and in her article The Real Reason You're Broke, Liz Weston seems of the same mind. Because too many folks have driven over that financial cliff, The Repo Man Is Getting Busy. How did we talk ourselves into this? It wasn't so long ago that people kept a new car an average of (as I recall) nine years. Now it's reportedly under three. And what cars! Today ordinary people commonly drive very extraordinary cars. When I was a kid, Lincoln and Caddy typified luxury, and there were few around. Now, cities particularly are jammed with new, high-end vehicles. About two years ago, the US personal savings rate went negative. In May, credit card debt rose at a 9.8% annual rate, which pushed consumer debt up at a 6.4% annual rate. Now that the housing ATM has begun to shut down, I don't think we can keep spending like this very much longer.

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