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Criminal Law

: Crime & Federalism

Stock Market Remains Unsound; No More Paying Off Credit Cards With Home Equity Loans

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People aren't buying anything, because they don't have credit.  Thus, retail sales are down, along with the Dow (story):Volatility battered Wall Street again Wednesday after a disappointing retail sales report reminded investors that country is either in a recession or moving toward one. The Dow Jones industrials dropped 350 points, giving back a chunk of their huge 936-point advance from Monday, and all of the major indexes were down at least 3 percent.Sales are not going to improve anytime soon.  Why?  Because here is how many Americans lived: They'd get a credit card.  They'd run up a huge credit card balance.  They would then take out a home-equity loan to pay off the credit card balance.   Then they'd start putting more stuff on the credit down...continue to full post

Full post as published by Crime & Federalism on October 15, 2008 (boomark / email).

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