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Malta, Illinois | Consumer spending on expendable items is still going full bore but at some point the music is going to stop and there are going to be a lot of people left with nowhere to sit. Credit card debt has exploded to all time highs in the last 24 months with delinquencies ramping up. HELOC loans are at lofty levels as well. That means people are burning equity in their homes to finance debt. At some point there is a very high likelihood that those people end up under water on their homes. If interest rates stay high this will whole thing is going to result in a recession that makes 08 look like a cakewalk. This is going to get ugly folks. | |
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Inflation
