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Too true too true
I agree. Our GDP is composed of 2/3 consumption. I noticed that in the last GDP report that business investment is only now returning to 2001 levels of investment. The past three years of economic activity have been based on credit cards, refinancings of homes, and low rate financing of autos.
posted by
t_rat
on May 20, 2004 at 4:58 PM
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Interesting premise.
posted by
aardvark
on May 18, 2004 at 12:00 PM
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Good Point....
ten years ago, I applied for a gas card from the local Amoco, as I used their petrol exclusively and was doing a lot of driving to and from college. I was turned down---no credit history.
Today, I have about ten different credit cards (I try not to carry a balance on them; just use them for convenience or emergencies), and I keep getting offers for more in the mail, online, in the newspaper, etc. I did, finally, get all the "preapproved" ones stopped. But until I managed that, I was getting them for my three-year-old, my one-year old, and my mother's cat (seriously!).
posted by
editormum
on May 17, 2004 at 2:23 PM
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