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Reply #10: the credit boom was caused by wages not keeping up with cost of living; that is [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010)

VotesForWomen

(1000+ posts) Send PM | Profile | Ignore

Wed Jan-23-08 04:50 PM
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10. the credit boom was caused by wages not keeping up with cost of living; that is

the root of the problem. supposedly, 50 years ago one (average) wage earner could support a family of four and have money left over to save. americans are working as hard as ever and yet our paychecks are not covering the bare necessities, hence the need for massive amounts of credit. when this goes on for long enough, however, people simply will not be able to repay the money, and there will be big losses. IMO, the reason are paychecks are shrinking is because the profits of workers' labors are being disproportionately accumulated by those at the top.

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