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Author Topic: Free-spending Americans near debt wall
Victor Von Mediaboy
rabble-rouser
Babbler # 554

posted 03 January 2002 11:41 AM      Profile for Victor Von Mediaboy   Author's Homepage        Edit/Delete Post  Reply With Quote 
Argh. The Ottawa Citizen has an article today (Jan 3) from the Wall Street Journal about how US consumer debt is at insane levels.

Unfortunately, the Citizen's website doesn't have the article and the WSJ website isn't free.

Anyhoo, if any of y'all have a Citizen handy, the article's on page E8.


From: A thread has merit only if I post to it. So sayeth VVMB! | Registered: May 2001  |  IP: Logged
nonsuch
rabble-rouser
Babbler # 1402

posted 04 January 2002 08:16 PM      Profile for nonsuch     Send New Private Message      Edit/Delete Post  Reply With Quote 
Couldn't get it, didn't read it, but the title pretty much says all it needs to.
Any hard-line conservatives want to do the standard lecture on how governments (or single mothers) shouldn't spend more than they earn?

Shut up and go shopping!

[ January 04, 2002: Message edited by: nonesuch ]

[ January 05, 2002: Message edited by: nonesuch ]


From: coming and going | Registered: Sep 2001  |  IP: Logged
Markbo
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Babbler # 124

posted 04 January 2002 08:47 PM      Profile for Markbo     Send New Private Message      Edit/Delete Post  Reply With Quote 
I talked too a banker about the difference in acquire debt in Canada vs. the U.S.

Canadian banks determine someones debt worthiness first and then decide how much and what interest rate.

U.S. banks rank someones debt worthiness on a scale and determine how high the interest rate should be on that scale.

U.S. citizens can obtain debt far easier than Canadians, this must partially explain the difference but of course Americans are also less afraid of high debt. Just an interesting point.

Look at Europeans, I remember that Canadians still had a negative savings rate (although less than the U.S.) but like Italians had high savings rates of like 50% of their salaries.


From: Windsor | Registered: Apr 2001  |  IP: Logged

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