Tim Daneliuk writes:
On 08/17/2012 09:02 AM, Scott Lurndal wrote:
Dave writes:

You're taking this too personally Mike. Larry didn't attack people
like you who have been caught in the unemployment crunch. What he said
could easily apply to many other areas of consumerism.

In defense of Larry's statement about people living above their means,
it's evidenced in one respect by people who have outlandish credit
card debt. That segment of people living above their means is rampant.

Although, thanks to the new credit card rules instituted in the last
couple of years, the number of credit card bankruptcies has dropped
precipitously. CC issuers/banks profits have gone up. So, the
regulations that were so bemoaned by the banks and the right have been good for both
sides - the consumer wins (less debt) and the banks win (more profit).



Just one teensy problem with your theory: These laws have caused people to
borrow less and thereby tremendously slow down GDP growth. 2/3 of the
US economy alone is consumer spending.

Those laws had absolutely ZERO to do with the slowdown in GDP growth.

scott