Asceticism — The Cure for Consumerism

A report from Wells Fargo Securities shows a "record drop" in consumer credit this summer. "Despite the cash-for-clunkers program starting in the last week of July, nonrevolving credit fell at a staggering 11.7 percent annualized pace," analyst Yasmine Kamaruddin wrote. Indeed, much of the decline was attributed to a spike in charge offs, which points to the ongoing, widespread distress in … [Read more...]

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