According to a high-up at Morgan Stanley, America can't sustain it's record deficits, and disaster may be on the horizon. Apparently the credit card debt in the country is just insane, and people are spending a lot of their disposable income just paying off the interest. And the interest rates haven't been hiked yet, which will eventually have to happen. What that means for Canada isn't for a dunderhead like me to say, but I'd assume "not good" just about covers it.
Of course, people have predicted the demise of the American economy before, but they have been blowing tons of money on wrong headed foreign adventures, as well as coming off an idiotic stock bubble and, like the guy said, being in debt to just about everyone under the sun.
I had read a few days ago another economist stating that the U.S. economy was headed for a "Brazil" like catostrophy within the decade. Of course most Americans don't pay any attention to any news unless it's right in their own local neighbourhood. Are they in for a rude awakening.
George W. won't seem so great then!!!
Yeah, but damn the economy, the important thing to remember, well if you're 51% of America, anyway, is that two dudes can't get legally married... :)
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