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eric1 · Posted: Mon Nov 16, 2009 6:45 am Post subject:

Rise,

Yes there is a lot of financial illiteracy out there. I marvel at how many people are struggling to make their payments while they have two new cars in the driveway, satellite TV, etc etc

Regarding unemployment, that is just part of the story. There are millions out there who are still employed but recently had their salaries cut significantly rendering them unable to meet all of their monthly obligations. This is exactly why I do not rely upon the unemployment figures.

gmakerley · Posted: Mon Nov 16, 2009 8:28 pm Post subject:

you made a wonderful point there, eric. incomes that have been reduced (and don't think that the hit people took with retirement accounts didn't also have an effect) are having a devastating effect on how and when people can pay their bills. if you make less than you made a year ago, or two years ago, paying your obligations is going to be a lot harder. unemployment statistics take none of this into account.

thanks, eric.

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