This whole economic mess was started when gas hit $4 per gallon. People spent all their money on gas and didn't have money to buy the junk they usually bought. They found out they could get by easily enough without the junk, and they haven't forgotten that.
That's the story behind our improved savings rate and personal debt reduction. Look under Bureau of Economic Analysis for the savings rate chart - the change starting in early 2009 is rather abrupt. You have to go to the Federal Reserve Consumer Debt Chart G-19 to find the change in debt.
Too many people made their livings making and selling junk, and they are facing hard times.
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Today's Featured Article - George's Fordson Major - by Anthony West (UK). This is a bit of a technical info to add on to the article about George's Major in the "A Towny Goes Plowing" article. George bought his Major from a an implement sale about 18 years ago for £200.00. There is no known history regarding its origins or what service it had done, but the following work was undertaken by Harold alone to bring it up to show standard. From the engine number, it was found that the major was produced late 19
... [Read Article]
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