Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: bacchus_ii	6/22/2010 8:24:17 AM
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Meredith Whitney: The Rebound In Consumer Spending Is Just The Result Of People Not Paying Their Mortgages Meredith Whitney spoke with CNBC this morning about the state of the U.S. economy in regards to U.S. consumer spending. * 1:20 People are squeezed from all sides with rising taxes due to state deficits * 2:00 The states are under water by $200 billion, and Obama has only offered $50 billion to bail them out * 3:00 Areas of consumer spending outperformed, but problem mortgages are rising because people are choosing not to pay their mortgages * 5:00 People are going to start to kicked out of their homes and start renting * 6:00 The consumer hasn't deleveraged, they've only gotten worse * 9:05 For certain there is a double dip in housing see more: businessinsider.com

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