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Green Shoots? More Like Green Poop!


Parsad
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I see quite a bit of optimism everywhere, but I'm finding it difficult to believe that consumers in general will be eager to spend over the next few years.  In particular, those that fall into the category of 8.3M homes where their mortgages are worth more than their property! 

 

I remember MPIC did a presentation in Bakersfield, California in October of 2006, where we provided a slide of the negative savings rates for Americans in 2005...something that had not happened in over 70 years.  I think Americans have already begun their unprecedented swing to the positive side of the income statement and they will remain frugal for some time.  These homeowners will be telling their story of how they lived through the Great Recession and nearly lost their home, just like I used to hear tales from people who lived through the Great Depression!  Cheers!

 

http://www.bloomberg.com/apps/news?pid=20601087&sid=aGKKaIPgvnDk

 

 

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