Letters to the Editor
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This isn't your grandfathers recession
After a consumer pays a credit card bill, he then initiates new spending. Consumer monkeys are predictable as lab rats, according to the economists.
But this ain't your grandfathers recession. McCain is right, those jobs aren't coming back, not in Michigan or anywhere, anytime soon. This represents the principle of Peak Personal Wealth. From here on there is less of everything. You're slowly going broke, and for the next however many years you will be progressively poorer, selling your assets to pay the bills, which is what the major money center banks are doing right now.