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Non-Tech : Deflation
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To: Maurice Winn who wrote (437)7/27/2008 10:58:43 AM
From: JF Quinnelly  Read Replies (1) of 621
 
But the USA is so big there isn't a lot of externality to lean on.

That's the big threat lurking in the background. The American consumer is 70% of U.S. GDP and 20% of the global economy. We were booming on borrowed money, a tremendous amount of it home equity lines of credit and other such real estate borrowings.

Now that the financial geniuses have figured out that they won't get paid back they have stopped making the liar loans to deadbeats. The American consumer will have to limit buying to what is earned, which will create a major shock to psyches here and will certainly slow down the economy.
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