tag:blogger.com,1999:blog-2216751897705338056.post6871330589528583965..comments2023-10-17T03:41:01.759-04:00Comments on reflexiones finales: Older Americans hit the wallrussell1200http://www.blogger.com/profile/16258915475311426433noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2216751897705338056.post-90468551962410753592011-10-16T07:06:08.390-04:002011-10-16T07:06:08.390-04:00Our current economic system works on expanding dem...Our current economic system works on expanding demand.<br /><br />When real wages started to take a hit in the 1970s and 1980s (timing depends on the exact metric you use), borrowing was the only way to keep the game going.<br /><br />The 1920s was our first consumer finance boom, and it is one of the (mostly) untold stories of the Great Depression. What I don't know is if there was a similar erosion in wages, or some other factor (possibly the new advances in manufacturing glutting a market with the financing there to prevent a deflationary crash) that brought it on.russell1200https://www.blogger.com/profile/16258915475311426433noreply@blogger.comtag:blogger.com,1999:blog-2216751897705338056.post-91006923053940694772011-10-14T23:53:01.539-04:002011-10-14T23:53:01.539-04:00This is the generation taught as children to use &...This is the generation taught as children to use "savings" accounts. One of the rights of passage was your own savings account. Save for a rainy day. Now days they charge you to have a savings account and the door to adulthood is a credit card.dennishttp://woodsongsfurniture.comnoreply@blogger.com