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The
Great Consumer Crash of 2009
By James Quinn
August 19, 2008
“It is easy to ignore the storm if you look at the opposite
horizon. When the storm reaches your location there can be no
more ignorance.”
I hate to tell you, but the storm has reached your location and
it is a Category 5 hurricane. The levees are leaking. Ignore it
at your own peril. The 6,000 sq ft McMansion buying, BMW
leasing, $5 Starbucks latte drinking, granite countertop
upgrading, home equity borrowing days are coming to an end. The
American consumer will not go without a fight. For the last
seven years the American consumer has carried the weight of the
world on its shoulders. This has been a heavy burden, but when
you take steroids it doesn’t seem so heavy. The steroid of
choice for the American consumer has been debt. We have utilized
home equity loans, cash out refinancing, credit card debt, and
auto loans to live above our means. It has been a fun ride, but
the ride is over. We can’t get steroids from our dealer (banks)
anymore.
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