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An increase in the relative price of products from the low wage manufacturers in Asia and Latin America will also make those products less attractive to American consumers. ↗
Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like. ↗
On the way from the Renaissance to our days we have enriched our experience, but we have lost the concept of a Supreme Complete Entity which used to restrain our passions and our irresponsibility. We have placed too much hope in political and social reforms, only to find out that we were being deprived of our most precious possession: our spiritual life. In the East, it is destroyed by the dealings and machinations of the ruling party. In the West, commercial interests tend to suffocate it. This is the real crisis. ↗
