January 29th, 2008

At work, Self portrait

More disappointed than surprised

November Consumer Credit 11% Greater than Last Year

As Kimberly implies, the likely case is that US consumers are no longer able to use their homes as an ATM, and rather than actually adjusting their spending to what they earn, they use their credit cards to make up for the shortfall. The idea of spending less is simply unthinkable. For now.

What will they do when their credit cards are maxed? Get more credit cards?