Breaking economic news from the New York Times: People are being forced to live within their incomes!
May 1, 2008 07:10 AM
My times are bad, aren't they? Per the NYT:
As real estate prices plunge, so does the ability of homeowners to borrow against the value of their homes, crimping a major artery of spending. As banks grow tighter with their dollars in a period of uncertainty, families are running up against credit limits, forcing many to live within their incomes.
First, what's so bad about people living within their incomes? And second, if these people are up against their credit limits, THEY STOPPING LIVING WITHIN THEIR INCOME A LONG TIME AGO.
Maybe these people aren't the victims? Maybe they're actually the ones who deserve the blame for the bad economy?