
Stephen Roach writes in the New York Times:
The good news is that lines should be short for today’s “first shopping day” of the holiday season. The bad news is more daunting: rising unemployment, weakening incomes, falling home values, a declining stock market, record household debt and a horrific credit crunch. But there is a deeper, potentially positive, meaning to all this: Consumers are now abandoning the asset-dependent spending and saving strategies they embraced during the bubbles of the past dozen years and moving back to more prudent income-based lifestyles.
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George Bush said this weekend " experts would say there isn't a recession" (so why the zillion dollar bailout?) but others think we are already in it. (Visit Planet Green to find ways to g