Dr. Doom Says We Are "Shopped Out" And Other Sad Things

Never!

Anyway, he has a new list of 20 reasons why we’re screwed:

  • We’ve spent the last few years well above our means
  • We have no savings
  • Over debted: debt-to-disposable-income ratio having increased from 70% in the early 1990s to 100% in 2000 and to 140% in 2008
  • Higher interest rates on that debt
  • Housing wealth in the toilet
  • This recession has, unlike the last two, gone global
  • Consumer confidence at 1973-75 and 1980-82 recession levels

To see the rest of the list go to Forbes.

 

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