Quote:
Originally Posted by lassiter
I'm thinking that too many people have overextended credit cards right now.
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I read a report last week that stated that americans have the worst debt ratios in its history at this time. This was spurred on by the events of 9/11. US govt after this horrible event when the market was tumbling pushed for people to spend to keep the economy alive. Pres even gave tax breaks, which effected the upperclass far more, as an incentive. First time in our history that there was tax breaks during time of war. Interest rates fell so people could afford bigger houses or pull equity and remodeled though many pissed away on vacations and depreciating assets like cars, bikes, etc... Many unfortunate souls signed up for adjustable rates so they could afford more at the time. Problem now is interest rates have gone up.
Financially a whole lot of people are in trouble and I would bet a good portion are those sweet loving porn buyers we all care about.
2006-09-11, 05:39 PM
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