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Politics : View from the Center and Left

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To: Little Joe who wrote (148200)	10/27/2010 11:45:27 AM
From: Steve Lokness	Read Replies (2) of 542588

Little Joe; Consumers are over leveraged in credit card debt as well as mortgage debt .....Most States are unable to balance their budgets .........The Federal Government. Well I sure never said it was only the housing problem - although it is at the top of the list. Of course we have too much debt and the precise reason I hammer so hard on Krugman. More debt on the personal level won't do a thing for us except at the shortest of time frames. Now having said there is a debt problem lets look at the good news; businesses are cash flush and they haven't always been that way. People ARE deleveraging and saving again. That too is a good thing. Local governments are also deleveraging although that is a much harder ship to turn around. So as the US is undergoing deflation while other parts of the world are pushing up the cost of raw materials. Interesting thought. There is no doubt the US has a hard time ahead of it and as they said on the Charlie Rose show posted by Sam, there is no quick fix. So we best get with it; tighten our belts and stop the insanity that we can live far better than the rest of the world ......but not have to pay for it. Steve

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