Sunday, December 16

The US Consumer

"the United States might have to pay dearly
now, ... for living so far beyond its means for
so long..."

- C. Fred Bergsten, Peterson Institute

http://www.iie.com/publications/papers/paper.cfm?ResearchID=851

It is imperative that economists look at what has
allowed the US to live "so far beyond its means...".
Easy credit is a definite culprit, in the form of credit
cards and home mortgages. Credit issuing institutions
lure customers with quick and easy to obtain credit,
misleading them about their true credit worthiness.

It is time for US regulators to ensure institutions provide
the adequate and appropriate credit to consumers or else
the US economy "might have to pay dearly now" and later
again.

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