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Politics : Formerly About Advanced Micro Devices
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To: combjelly who wrote (466544)3/26/2009 12:30:09 PM
From: TimF  Read Replies (1) of 1575738
 
So? Debt was at lover levels than it is now, and consumer debt was at much lover levels.

Cutting wages would have just meant that more people would have been driven into bankruptcy

Not if it would have saved people's jobs. It would directly have resulted in more bankruptcy, but the total effect would have been less bankruptcy. A pay cut, then or now, is far less likely to drive you in to bankruptcy than unemployment.
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