It’s the debt, dummy

posted by
June 13, 2011
Nolan Chart
by Jim Quinn  
Posted in Commentary

"Americans withdrew $2.8 trillion of fake equity from their homes between 2003 and 2007. They lived the lifestyles of the rich and famous. BMWs, Mercedes, cement ponds (pools), new kitchens, Jacuzzis, home theaters, exotic vacations, hookers, facelifts, size DDs, and putting a little more in the church basket abounded. This astounding level of stupidity and hubris left millions of Americans vulnerable when the bubble popped all over their faces." (06/12/11)

http://www.nolanchart.com/article8737_ITx27S_THE_DEBT_DUMMY.html  

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