"Dow bulls ahead"
So I was reading Newsday this morning, as is my habit and when I was done with the comics and the editorials, I turned to the 6 page business section.
The first two pages had stories about Broadwater, an Inn and devices for tracking teen drivers.
Then on the next two pages were six smaller stories. Two of those headlines were “US foreclosure rate doubles in a year” and “Bank offers no fee mortgages”, about a promotion to help sell mortgages.
On the fifth page is a section called “briefs” which today had eight one paragraph stories. The fifth story was headlined “consumer debt jumps $13.4B”. It said analysts were expecting a $4.5B gain (1/3 what actually happened) on top of February’s $5.5B jump.
Then it went on to say that the debt increase was because Americans loaded up on credit card debt and closed end loans for cars, vacations and education. Now I know car sales were down from last year, so I imagine that is not a big part of the debt increase. I do not remember any articles about substantially more kids going to college this year than last. Are we borrowing for vacations beyond putting hotels and airfare onto credit cards? More than we did last year? I doubt it. So that leaves credit card debt. But what did we buy? Was it big TV’s? Not according to Circuit City. Lots of fridges and appliances? Not that many.
So what did we do with our credit cards?
Did we spend our incomes on our mortgage increases, and our credit cards on food, gas and clothes?
There was also one other headline I noticed.
“Dow bulls ahead, tops 13,300.