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ArtikelA special report on America's economy: Not in the bag yet  
Oleh: [s.n]
Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 395 no. 8676 (Apr. 2010), page 46+15.
Topik: America; Crisis; Recovery; Consumers
Fulltext: Not in the Bag Yet.pdf (539.6KB)
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Isi artikelAMERICAN consumers showed signs of life in the first quarter, with retail sales and car-buying picking up a bit. But housing is still struggling and consumer spirits remain low. A bit depressing—but proof that the country is learning to live within its means. Americans will not return to their profligate ways soon. Consumer spending will recover as employment grows, but it will no longer outpace incomes the way it did when credit was easy and home prices bubbly. Many households will not be able to borrow against their homes for years because they have become worth less than the mortgages on them. The torrent of credit-card solicitations flowing through the letter box has slowed to a trickle and millions of Americans are cancelling their credit cards or are having them withdrawn. Regulators who once nodded approvingly as financial companies flogged negative-amortisation and “pick-a-payment” mortgages are now shutting banks weekly and second-guessing the decisions of those that survive.
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