bubble bubble toil and trouble?

[luv2read]

"This decade has already seen burst bubbles in tech stocks, homes and credit. Now, it seems, another segment has fallen victim to irrational exuberance: the U.S. auto market," the Wall Street Journal reports. "The industry's miscalculations hold broader consequences for the U.S. economy."
"The U.S. credit crisis will extend into and even beyond 2009 as banks will write off more than $170 billion of additional reserves by the end of next year, according to Oppenheimer & Co. estimates," Bloomberg News reports. "'The real harrowing days of the credit crisis are still in front of us and will prove more widespread in effect than anything yet seen,' analysts led by Meredith Whitney wrote in a research note today."
"So many people have so many things they can no longer afford. This is an excellent time to be a repo man," the New York Times reports.

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[alevin]

http://www.nytimes.com/interactive/2008/07/20/business/20debt-trap.html

bubble bubble toil and trouble indeed. Can anyone say "Ponzi scheme"? Historical debt/income nationally displayed by year since 1920 to current, well worth pondering. Ponzi's collapse at some point, that's why they're illegal for everyday people.-that reminds me of another song. I'll use that one sometime when it fits the moment better.

 

[alevin]

meant to write "savings" not "income"