Are we are our own worst enemy? Do we live beyond our means? Look at us dumb ugly lazy Americans?
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At times, but we do have our good points. I remember a few years ago when most people I know weren't driving huge SUVs (you were splurging to buy a sedan), qualifying for a house was a big deal and nobody knew what a jumbo loan was. Not to mention as a whole, we are a generous country and up until late 2001, we were a great place to live. We still are in most ways.
It seems like whenever things get comfortable, people can make their payments, etc, ...widespread greed takes over and a snowball effect begins. Everyone starts trading up with their cars (has to be an Expedition, Explorers are no longer enough. Moving up to houses with entertainment rooms and three car garages and all have to be furnished accordingly. When HGTV came out with home improvement shows and a sheet of plywood became a minor investment, it became clear that something was going to eventually happen and the good hard look was going to forced on everyone. Equity would run out. Excess had won out. These same people were probably spending money else where to keep up. Americans are about bigger and better all the time (as a whole). This is a throwback to the excess of the eighties. I just hope our recovery will be as quick. I don't think it will.
I have a 10 year old Honda and live in a house with a fixed loan with a 5% rate. But I can make mistakes like everyone else.
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