Comments on: Finding the Culprits in the Housing Industry Problems http://www.robertwoodavenue.co.uk/2007/09/20/finding-the-culprits-in-the-housing-industry-problems/ Property & Real Estate blog Mon, 19 Oct 2009 08:54:34 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Saving Without A Budget http://www.robertwoodavenue.co.uk/2007/09/20/finding-the-culprits-in-the-housing-industry-problems/comment-page-1/#comment-2 Saving Without A Budget Fri, 21 Sep 2007 22:54:45 +0000 http://www.robertwoodavenue.co.uk/2007/09/20/finding-the-culprits-in-the-housing-industry-problems/#comment-2 First off, thanks for referencing my site. Secondly, I agree with you regarding the fact that many American consumers have bitten off much more than they can chew. For the past two years (and probably this year, too) the personal savings rate has been negative - meaning we're spending more than we earn. We have a massive credit bubble on our hands, and if this doesn't resolve itself very carefully, we're going to end up in a depression, not a recession. First off, thanks for referencing my site. Secondly, I agree with you regarding the fact that many American consumers have bitten off much more than they can chew. For the past two years (and probably this year, too) the personal savings rate has been negative – meaning we’re spending more than we earn.

We have a massive credit bubble on our hands, and if this doesn’t resolve itself very carefully, we’re going to end up in a depression, not a recession.

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