"Doing nothing also would make it harder for consumers to get the credit they need for car loans and other purchases, the Treasury secretary said. Consumer spending accounts for two-thirds of total economic activity."
Correct. But something tells me that this no talent assclown doesn't realize this is NOT a good thing, nor is it sustainable over long periods of time. You are seeing the inevitability of this right now. But somehow this constitutes an economy based on sound fundamentals? Does this guy have more than two firing neurons up there? The largest economy in the world is 66% derived from people spending more than they make. This is not a sound economy. Extending credit isn't the answer. If you want our consumers to continue to spend then you're going to have to either get wages to go up or prices down. Home prices must come back to the affordable 2.5x household income. Offshoring jobs and manufacturing to China may lower prices but obviously we see how this story is unfolding. The way I see it, China was/has/is self-financing their own export buisiness to us, by lending us money so we can keep buying those goods. In return they pretty much get to tell our government how high to jump.
