Tuesday, March 24, 2009

Your standard of living

Very highly respected economists have been saying for some time that the standard of living for many Americans will have to fall. This is due to loss of wealth as asset values in housing and 401(k)s fall.

If you have been leasing a Mercedes and doing serial refinancing of your home to cover your credit card debts, this is surely true. However...

The Federal Government - specifically the Treasury Department, seems hell-bent on ensuring that this occurs ahead of schedule. Wall St. is loves the idea, course.

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