Saving money is virtually impossible in an economy that is loaded with debt. But for 70 million baby boomers approach retirement age, the only option.
The last time we looked, yesterday, the stock had fallen. We're on a plane to Madrid this morning. So, we're just going to forget and move directly to a market economy that supports them.
Bill has written two New York Times best-selling book, mass, the Messiah and the market, which offers concrete suggestions on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and driving force behind The Daily reckoning (dailyreckoning.com).
The second The Financial Times signal that America's economy has hit a bad patch. Both refer to consumer confidence as the cause of the problem. Consumers are not willing to borrow or spend … say papers … because they lack confidence.
What they really have, of course, is money. They don't have enough money to continue spending at a rate of bubble-era … and they have little hope of getting any.