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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