i think i was being a little extreme in my last post. played some music two nights ago and it was still pretty fun. here’s a little statistic that is part of what’s keeping me from rushing back into the stock market.
The estimated $300 billion in cash-out refinancing over the last two years is still dwarfed by the amount of consumer debt carried by Americans –$1.77 trillion, or $17,000 per household. This amount, by the way, does not include mortgages.
the consumer spending that has kept the economy limping along might soon be shutting down.
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