Originally Posted by mikeb
IMO it is just going to keep snowballing and getting worse for a period of time as this thing keeps unrolling and spreading. I think the next thing you'll begin to see is layoffs since consumers are tapped out and cannot spend any more to keep the economy floating.
people talk about the widening gap between rich and poor all of the time, which in all reality, isn't true. we have an exponentially increasing "middle class". However, I too align with your train of thought, and over the next few years, we're going to see this "middle class" start to melt away, and there's going to be a lot of have and have nots.
Those who don't have any debt, spend wisely, have saved wisely, and act in an all around financially responsible manner will be the haves.
Everyone else will be the have nots. This is anyone who got a sub-prime mortgage, anyone who makes $30k/year and has a $25k car note, anyone who pays off one credit card with another, or as they're so affectionately known here, $30k millionaires.
This basically means that the $30k millionaires on here won't have time for this site and won't be on here nearly as much, which will free up bandwith for those of use who are financially responsible, or as is my case, are still sucking off mommy and daddy's titty for my existence.