In case you were concerned that maybe we’ve learned something from our 30 year binge on home equity and credit card debt, don’t worry. That is in fact not the case, as proven by Friday’s incident where a man was trampled to death at a Wal Mart on Black Friday. It’s sad, but not surprising, that the average American consumer just can’t wait to save a few dollars on a flat-screen TV. Hopefully they can identify at least a few of the folks involved and prosecute them (mercilessly).
In less than 12 months, we’ll be right back to borrowing trillions from China so that we can keep up with the neighbors. Never realizing that the neighbors are in debt up to their eyeballs too! To really ramp up the irony, we’ll pay interest and fees on all of that debt to the very same banks we’re giving billions to right now!