Since the peak that I called in December 08, consumer credit has now contracted and Americans have reduced their consumer credit balances by a total of $160 billion or $1,400 per household. That just goes to show you: It still is a loooong way down from Peak Credit and there is nothing that will stop this contraction.
Attitudes have changed a while back already. Only few people understood it. Now more and more are waking up to it. A general fatigue has set in as people realize that the government’s attempts to stimulate us out of this trough have done nothing to bring about a recovery, nothing to get people back to work, nothing to get us out of debt, and in fact everything to prolong the agony, keep unemployment high for years and years to come, and get us in more debt than ever before.
This, my friends, is The End of Consumerism in action and nothing will stop it.