Now who thinks America is backwards and stuck on stupid? The focus is always on Americans shopping instead of Americans producing. Why doesn't our trade deficit or the shrinking middle class cause such an uproar?
The focus on Americans as simply consumers is part of the problem.
Consumer purchases fell 1.2 percent in September, extending the decline to three straight months, the first time that's happened since comparable records began in 1992, Commerce Department figures showed today. In another sign of weakening demand, prices paid to U.S. producers fell last month on lower fuel costs
Always enjoy a bit of cheery news on your monday, brought to you by the IMF:
The International Monetary Fund said there's no end in sight to the U.S. housing recession and warned that deteriorating credit conditions for consumers and banks may prolong a period of slow economic growth
S&P placed all three carmakers' credit ratings on CreditWatch with negative implications, according to a statement today. New York-based S&P, a unit of McGraw-Hill Cos., said it may also downgrade the companies' financing arms
there had been a "collective failure" to grasp the extent of leverage in the financial system and the risk that it could be unwound in a disorderly fashion. Conditions may get worse as the limping U.S. economy leads to more credit losses
The origins of the present subprime crisis can be found in the Nixon Administration when his appointment to the SEC, Mitchell, removed the prohibitions to trades in futures and similar "bets" that has made our markets so unstable. A number of academics including Fisher Black, created a series of formulas by which traders could manipulate the markets and make huge profits. The result of this behavior would led to our crisis by creating the impression that risk could be eliminated.
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