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OldLimey » Comments » BMHC
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Distilling the Economic Data: No Recovery News [View article]
From all of the detailed analysis, one relatively banal statement stands out: "Real recovery is impossible while home values keep declining as Joe feels his net worth disappearing and controls spending."
Not only is this true, it actually goes to the heart of the problem: many Americans (and this applies in other English-speaking countries as well) cannot sustain their current lifestyles in the absence of a debt-fuelled asset bubble. It has been far more profitable for corporate America to run an economic model based on debt and bubbles rather than on rising real wages and meaningful saving.
The model is utterly shot. Regretably, an elite focused entirely on the election cycle or the next financial quarter/year-end bonus is intent on papering over the structural cracks rather than on fixing them.