Everybody is talkin', shinin' blowin' smoke... could it be that the "marginal consumer" has SPENT HIS FARKIN' BRAINS OUT and has no more "borrow and spend" power? And THAT'S THE REAL BOTTOM LINE?
I get your point, but if the average consumer could refinance some of his stuff to lower payments, you gotta admit he'd spend more freely again. I probably would... SM