Thanks to Samizdata for this blog post.
This came from The Times and had this lede:
Anxious families are repaying debts instead of spending in the shops, amid concern over the uncertain economic outlook. The share of income saved in banks and building societies has risen to its highest level in more than a decade, heightening fears that faltering consumer demand could prolong the recession.Thank God it is the UK where this sort of bad behavior is happening.
Or is it?♠
Regards — Cliff
♠ Some argue that saving is important in a recession and that there is no "paradox of thrift".
1 comment:
You are right....it is positively UnAmerican to not run the old credit cards up to the max, maybe buy a new car or two on extended payment plans, throw in a snowmobile for winter and a ski-doo for summer.....oh....and don't forget that second home for vacation stays. Eat, drink, and be (or make)merry (or Mary) for tomorrow may never come....and if it does, Uncle Sugar will bail you out or cancel your debt altogether. Is this a great country...or what??
Happy New Year....it should be with a new and better and cheaper health care plan on the near horizon, new mortgage rules, and lets not forget easing the consumer credit crunch......all doable now that we've taken care of those greedy Wall Street people.
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