In terms of the economy, just another passing thought: other papers this weekend are highlighting the number of homes in foreclosure and those yet to be foreclosed upon but where homeowners are at least 60 days behind in payments.
As for me, it's hard to see how people in foreclosure or close to it are going to be out borrowing new funds or adding to retail sales growth - rather, just the opposite.
And, to add icing on the cake (and also perhaps to explain why retail sales have been holding up as well as they have - without massive increase in reported consumer debt), the report is out that ALL of the shrinkage in consumer debt is coming from consumers DEFAULTING on it. Concomitantly, the report goes on to say, those that haven't defaulted are actually adding to their debt.
Somehow - one wonders if this is really any kind of foundation for a recovery?
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