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How the boom of 2006 ended
Commentary: We should have seen it coming
By Marshall Loeb, MarketWatch
NEW YORK (MarketWatch) -- Anybody with a bit of imagination, with a feel for the future, can construct a plausible scenario. Like this:
We should have seen it coming.
We were living beyond our means, saving absolutely nothing, spending more than we were earning -- like there was no tomorrow.
Most Americans were doing that. Worse, the government was doing it -- piling deficit upon deficit. And at the end of 2005, the total federal debt per U.S. household was more than $450,000.
But, as it always does, profligacy caught up with us. And the economy, which had been growing at a comfortable 3 to 4% rate for many years, came crashing down last year, in 2006.
Full Article
How the boom of 2006 ended
Commentary: We should have seen it coming
By Marshall Loeb, MarketWatch
NEW YORK (MarketWatch) -- Anybody with a bit of imagination, with a feel for the future, can construct a plausible scenario. Like this:
We should have seen it coming.
We were living beyond our means, saving absolutely nothing, spending more than we were earning -- like there was no tomorrow.
Most Americans were doing that. Worse, the government was doing it -- piling deficit upon deficit. And at the end of 2005, the total federal debt per U.S. household was more than $450,000.
But, as it always does, profligacy caught up with us. And the economy, which had been growing at a comfortable 3 to 4% rate for many years, came crashing down last year, in 2006.
Full Article