where is the recession?

[Ex-SD]

kewp: I also read the article about credit card debt. I think that the mindset of many people today is spend, spend, spend because if they lose their job, they will just declare bankruptcy. I recently read that the majority of the country has almost no money in the bank and lives from paycheck to paycheck. They have become so addicted to the “I must have it now” way of life that they put themselves in debt up to their eyeballs to have the latest widget/gadget.

On the other side of the fence, the people who are presently saving their money or have a long history of saving their money are being punished with ridiculously low interest rates because of the same irresponsible bunch that bought houses they couldn’t afford and are now spending like drunken fools with their credit cards.

Debt, debt, debt…………….it makes my head swim that people can sleep at night when they have so much debt.

[kewp]

I recently read that the majority of the country has almost no money in the bank and lives from paycheck to paycheck.

Its worse than that, our country has a negative savings rate. As a nation we spend more than we earn. Deficit spending is as American as apple pie.

I’m the complete opposite. I *hate* debt. I had to put about 10k on my credit card last year to get all my dental work done. I’m basically living like a hermit this year to get that paid off ASAP.

And I would rather spend my life renting than get shackled to a toxic mortgage product

What most people don’t understand is that consumer credit is basically a consumption tax. Instead of paying $400 for an iPhone a year from now you purchase it today on credit and spend $500 over the course of two years paying it off. Thats $100 of purchasing power ultimately lost.

The gotcha with our current situation, I think, is that many of those folks blowing money as referenced in the opening post have no intention of ever paying back what they are borrowing to fuel their consumption binges. Or are working jobs thats are financed by the self-same binging.

I think you can see signs of the recession if you look hard enough. The wine bars are less crowded and people are ordering cheaper stuff (ask the bartenders!). When I returned my digital cable box to Cox there were at least 100 people in line ahead of me returning equipment. Costco is almost empty during the week.

One a lighter note, I heard a new recession metric on the radio today. We are officially in a recession when there is no wait to get into the Cheesecake factory!

[kewp]

I recently read that the majority of the country has almost no money in the bank and lives from paycheck to paycheck.

Its worse than that, our country has a negative savings rate. As a nation we spend more than we earn. Deficit spending is as American as apple pie.

I’m the complete opposite. I *hate* debt. I had to put about 10k on my credit card last year to get all my dental work done. I’m basically living like a hermit this year to get that paid off ASAP.

And I would rather spend my life renting than get shackled to a toxic mortgage product

What most people don’t understand is that consumer credit is basically a consumption tax. Instead of paying $400 for an iPhone a year from now you purchase it today on credit and spend $500 over the course of two years paying it off. Thats $100 of purchasing power ultimately lost.

The gotcha with our current situation, I think, is that many of those folks blowing money as referenced in the opening post have no intention of ever paying back what they are borrowing to fuel their consumption binges. Or are working jobs thats are financed by the self-same binging.

I think you can see signs of the recession if you look hard enough. The wine bars are less crowded and people are ordering cheaper stuff (ask the bartenders!). When I returned my digital cable box to Cox there were at least 100 people in line ahead of me returning equipment. Costco is almost empty during the week.

One a lighter note, I heard a new recession metric on the radio today. We are officially in a recession when there is no wait to get into the Cheesecake factory!

[kewp]

I recently read that the majority of the country has almost no money in the bank and lives from paycheck to paycheck.

Its worse than that, our country has a negative savings rate. As a nation we spend more than we earn. Deficit spending is as American as apple pie.

I’m the complete opposite. I *hate* debt. I had to put about 10k on my credit card last year to get all my dental work done. I’m basically living like a hermit this year to get that paid off ASAP.

And I would rather spend my life renting than get shackled to a toxic mortgage product

What most people don’t understand is that consumer credit is basically a consumption tax. Instead of paying $400 for an iPhone a year from now you purchase it today on credit and spend $500 over the course of two years paying it off. Thats $100 of purchasing power ultimately lost.

The gotcha with our current situation, I think, is that many of those folks blowing money as referenced in the opening post have no intention of ever paying back what they are borrowing to fuel their consumption binges. Or are working jobs thats are financed by the self-same binging.

I think you can see signs of the recession if you look hard enough. The wine bars are less crowded and people are ordering cheaper stuff (ask the bartenders!). When I returned my digital cable box to Cox there were at least 100 people in line ahead of me returning equipment. Costco is almost empty during the week.

One a lighter note, I heard a new recession metric on the radio today. We are officially in a recession when there is no wait to get into the Cheesecake factory!

[kewp]

I recently read that the majority of the country has almost no money in the bank and lives from paycheck to paycheck.

Its worse than that, our country has a negative savings rate. As a nation we spend more than we earn. Deficit spending is as American as apple pie.

I’m the complete opposite. I *hate* debt. I had to put about 10k on my credit card last year to get all my dental work done. I’m basically living like a hermit this year to get that paid off ASAP.

And I would rather spend my life renting than get shackled to a toxic mortgage product

What most people don’t understand is that consumer credit is basically a consumption tax. Instead of paying $400 for an iPhone a year from now you purchase it today on credit and spend $500 over the course of two years paying it off. Thats $100 of purchasing power ultimately lost.

The gotcha with our current situation, I think, is that many of those folks blowing money as referenced in the opening post have no intention of ever paying back what they are borrowing to fuel their consumption binges. Or are working jobs thats are financed by the self-same binging.

I think you can see signs of the recession if you look hard enough. The wine bars are less crowded and people are ordering cheaper stuff (ask the bartenders!). When I returned my digital cable box to Cox there were at least 100 people in line ahead of me returning equipment. Costco is almost empty during the week.

One a lighter note, I heard a new recession metric on the radio today. We are officially in a recession when there is no wait to get into the Cheesecake factory!

[kewp]

I recently read that the majority of the country has almost no money in the bank and lives from paycheck to paycheck.

Its worse than that, our country has a negative savings rate. As a nation we spend more than we earn. Deficit spending is as American as apple pie.

I’m the complete opposite. I *hate* debt. I had to put about 10k on my credit card last year to get all my dental work done. I’m basically living like a hermit this year to get that paid off ASAP.

And I would rather spend my life renting than get shackled to a toxic mortgage product

What most people don’t understand is that consumer credit is basically a consumption tax. Instead of paying $400 for an iPhone a year from now you purchase it today on credit and spend $500 over the course of two years paying it off. Thats $100 of purchasing power ultimately lost.

The gotcha with our current situation, I think, is that many of those folks blowing money as referenced in the opening post have no intention of ever paying back what they are borrowing to fuel their consumption binges. Or are working jobs thats are financed by the self-same binging.

I think you can see signs of the recession if you look hard enough. The wine bars are less crowded and people are ordering cheaper stuff (ask the bartenders!). When I returned my digital cable box to Cox there were at least 100 people in line ahead of me returning equipment. Costco is almost empty during the week.

One a lighter note, I heard a new recession metric on the radio today. We are officially in a recession when there is no wait to get into the Cheesecake factory!

[kewp]

Peter Schiff agrees in his latest commentary:

http://www.europac.net/externalframeset.asp?from=home&id=12779

My guess is that many Americas continue to run up massive credit card debt because they have little intention of every paying it off. Since many who are underwater on the home loans, and behind on the auto and student loans see bankruptcy as a foregone conclusion, they see no downside to pilling on as much debt as possible while the taps remain open.

Those taps will not be open forever. Once they are shut down the recession will hit hard.

[kewp]

Peter Schiff agrees in his latest commentary:

http://www.europac.net/externalframeset.asp?from=home&id=12779

My guess is that many Americas continue to run up massive credit card debt because they have little intention of every paying it off. Since many who are underwater on the home loans, and behind on the auto and student loans see bankruptcy as a foregone conclusion, they see no downside to pilling on as much debt as possible while the taps remain open.

Those taps will not be open forever. Once they are shut down the recession will hit hard.

[kewp]

Peter Schiff agrees in his latest commentary:

http://www.europac.net/externalframeset.asp?from=home&id=12779

My guess is that many Americas continue to run up massive credit card debt because they have little intention of every paying it off. Since many who are underwater on the home loans, and behind on the auto and student loans see bankruptcy as a foregone conclusion, they see no downside to pilling on as much debt as possible while the taps remain open.

Those taps will not be open forever. Once they are shut down the recession will hit hard.

[kewp]

Peter Schiff agrees in his latest commentary:

http://www.europac.net/externalframeset.asp?from=home&id=12779

My guess is that many Americas continue to run up massive credit card debt because they have little intention of every paying it off. Since many who are underwater on the home loans, and behind on the auto and student loans see bankruptcy as a foregone conclusion, they see no downside to pilling on as much debt as possible while the taps remain open.

Those taps will not be open forever. Once they are shut down the recession will hit hard.

[kewp]

Peter Schiff agrees in his latest commentary:

http://www.europac.net/externalframeset.asp?from=home&id=12779

My guess is that many Americas continue to run up massive credit card debt because they have little intention of every paying it off. Since many who are underwater on the home loans, and behind on the auto and student loans see bankruptcy as a foregone conclusion, they see no downside to pilling on as much debt as possible while the taps remain open.

Those taps will not be open forever. Once they are shut down the recession will hit hard.

[cr]

I agree with everything you guys have said, but I just received my “stimulus” check yesterday, and despite the polls that said the majority of people would save the money, I’ll bet they are spending it.

Mine is stimulating money for my son to go to college.

[cr]

I agree with everything you guys have said, but I just received my “stimulus” check yesterday, and despite the polls that said the majority of people would save the money, I’ll bet they are spending it.

Mine is stimulating money for my son to go to college.

[cr]

I agree with everything you guys have said, but I just received my “stimulus” check yesterday, and despite the polls that said the majority of people would save the money, I’ll bet they are spending it.

Mine is stimulating money for my son to go to college.

[cr]

I agree with everything you guys have said, but I just received my “stimulus” check yesterday, and despite the polls that said the majority of people would save the money, I’ll bet they are spending it.

Mine is stimulating money for my son to go to college.

[Author]

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