During this Christmas season of cheer and good tidings, a universal message is going forth. They are all united from Barack Obama to Martha Stewart to Wall Street Banks, the Federal Reserve and even your local mall agrees: please borrow to spend more this Christmas.Okay then, will do.
Americans since 2008 have been tightening their belts, and they have paid down over 150 Billion dollars in consumer debt. This is a remarkable feat and a testimony to the diligence, hard work and frugality of the American citizen. In contrast to the people, we are embarrassed that our government is encouraging irresponsible and spendthrift behavior.I have no idea what 150 billion (or in Germanic Important English "Billion") they're talking about and will not search for it. But I have this idea that the shape of the economy since 2008 may enforce some diligence and frugality that was not present previously. Here is a graph stolen from Calculated Risk:
In short, I got nothing, but I owe a post. Look! A video! Maybe they know this one at N__B's office.