Debt and the Credit Crisis
Written on July 5, 2010 – 2:17 am | by Barbara Sermons
The last recession that our country experienced was, in truth, a mild one. The stock market and many corporate profits began to tank, but consumer spending seemed to dance merrily on through the recession without as much as a scratch. Consumer spending has long been the major engine driving the entire United States economy, which is why it is so vital that this facet of the economy be untouched even by the roughest recessive activity.
In recent decades, recessions have been like this, Bearish analysts as well as strategists have been grossly underestimating the voracious spending habits of the United States consumer, as well as their overall resilience.