Is this the most scary economic chart ever seen?

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Is this the most scary economic chart ever seen?

Consumers are spending 650 billion dollars less this year than last.... how huge is that as a chart?
People spent less last year, than they have spent per year since records began in the 1960's.

Or is this a good thing? After 20 years of unsustainable consumer spending people are actually trying to live within their means.

From http://wallstreetbear.com/b...

personal-consumption-expenditure.gif - 20.5kb
By netchicken: posted on 29-6-2009

Tis true, Americans have a bad habit of spending beyond their means, especially nowdays.

Did you know that the American government effectively forces banks to give out loans they otherwise would never ordinarily take? The reasoning behind this is that there was and is something very similar to this as a benefit to military personnel and retirees, but now, true to the steady trend toward communism that America is taking, these special loans, which require absolutely no down payment, are available to certain people who have proven themselves to be unable to save money, make consistent money, or even make money at all.

Now, banks were/are not powerless in this. They still offer these loans, but any good accountant will tell you these are very bad ideas, and are traps. You just have to look at the fine print. These borrowers, to whom the government tells the banks to pay money to, in almost every instance cannot afford the loan, but due to the circumstances of the loan they can still get it. After their first or second missed payment, the already high monthly bill gets higher...and higher... and higher, until they cannot possibly hope to make any payments at all. These loans end up vaccuming all the money out of these people, and destroy lives daily.

I am sad to say that most of these special cases, where poor people cannot resist the temptation of a better life, are minorities, especially black people. Talk to any older black man or woman and they will probably be able to give you a dozen or so examples of this of people they know, also black and/or minorities. It's a sad truth, and an ironic twist of how sometimes you really shouldn't help some people, and instead let them do it themselves. That, and how liberals all across the nation are proven wrong every time someone is thrown out of their own house.
By peregrine: posted on 30-6-2009








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