tag:blogger.com,1999:blog-5694390946037511355.post7417003976985568693..comments2024-03-29T08:18:11.731-04:00Comments on EV Grieve: Is the standard-of-living bubble ready to burst?Unknownnoreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5694390946037511355.post-37233195524380357902008-08-22T12:39:00.000-04:002008-08-22T12:39:00.000-04:00The last time debt was this out-of-control in the ...The last time debt was this out-of-control in the US was in the late 1920s. The US consumer spent the 1930s paying down that debt to manageable levels.<BR/><BR/>That's what a depression is: people stop spending and start paying down debt and saving.<BR/><BR/>But don't forget the other issue here: we gave millions of jobs to folks overseas, and kept the standard of living as if those jobs were still here via a massive credit binge, as folks began to think that selling phony tech stocks or real estate to each other in a series of Ponzi schemes was an engine for economic growth.L'Emmerdeurhttps://www.blogger.com/profile/03004040303058104490noreply@blogger.comtag:blogger.com,1999:blog-5694390946037511355.post-50845322276715045612008-08-21T14:30:00.000-04:002008-08-21T14:30:00.000-04:00The author may not realize it but he's talking abo...The author may not realize it but he's talking about a word that starts with a capital D and rimes with Recession. Very few people today remember what it means.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5694390946037511355.post-1648409110784375452008-08-20T18:16:00.000-04:002008-08-20T18:16:00.000-04:00i agree in theory, but not in practice... since am...i agree in theory, but not in practice... <BR/><BR/>since americans' real incomes haven't actually risen substantially since the 1970's, and have actually fallen in the last couple years... <BR/><BR/>and because the article comes from Fortune magazine, one of the mouthpieces of the capitalist class that has executed this neat bit of economic trickery....<BR/><BR/>in short: i'll start saving when you pay me more....Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5694390946037511355.post-89575935267989050502008-08-20T15:54:00.000-04:002008-08-20T15:54:00.000-04:00here, here.here, here.Anonymousnoreply@blogger.com