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Subprime Mortgage Crisis Puts Brakes On Consumer Spending

by Charles Feldman | January 14, 2008

The subprime mortgage/housing/credit/crisis–or, SPMHCC–is fast becoming the subprime mortgage/housing/credit/consumer confidence crisis–or SPMHCCCC, for short. Okay, it’s not so short but it does get the job done.
Anyway, a full 70 percent of this nation’s economy comes from personal consumption-Americans buy TV’s they don’t really need, cameras they don’t really need, newer cars they don’t really need, [...]

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