Sunday, September 20th, 2009
Consumer Credit
Sooner or later market participants will figure out this recovery and this rally are both nothing but hot air and wishful thinking. Until they do, enjoy the party. In the meantime, try not to confuse cash-for-clunkers, housing schemes, and other government stimulus programs for sustainable demand. A massive secular shift in attitudes has taken place as cash-strapped, credit weary consumers have at long last decided “Less Is More”.
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