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Posted on 07/07/2010 2:59:27 AM PDT by gusopol3
Certainly I agree with you, but the transition will be very painful. The most instructive numbers I have seen were comparing current situation to Great Depression, such that household debt was 100% of income in 1930, first time that had ever happened; by the time depression was over , it was 20%, didn’t go above 50% until the 80’s, then exceeded 100% again this decade; since ‘09, reduced to only 92%, so the argument is , it’s a long way to go.
Interesting info, thanks. Yes, sometimes a painful lesson is the best way for the new generations to learn.
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