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MARKET      WATCH

A Sampling of Advisory Opinion

"Americans used to believe that if they were debt free, they were free.

Today, Americans just want the freedom to borrow more.

                                                                             - Richard Benson

"What's for Dinner July 4th?  Home Equity!

Press Clipping 

June 23 ● July 4 should be about celebrating freedom and independence, yet the bankers are the only people jumping for joy.  Never have Americans owed so much in terms of their total debt, the ratio of total debt to income, and the amount of cash flow the debt needs to service it.  Americans used to believe that if they were debt free, they were free.  Today, Americans just want the freedom to borrow more, even if it means they are on the way to becoming enslaved by their debt.  Each year we see a new record broken in the number of consumers filing bankruptcy, while Congress is still looking at "bankruptcy reform" legislation which basically reserves the right to default on debts as more of a corporate right than an individual right….

For the economy, there is the "hard road" or the "easy road".  The "hard road" approach is to wait for a massive consumer recession which will encourage the US to buy less overseas and help the government spend more, as it has to, for unemployment benefits and other transfer payments.  The "easy road" approach is to get out front of the problem.  First, let the dollar fall and make imports much more expensive.  Stop sending all of the jobs to China!  Second, let the politicians have a field day spending on things such as tax cuts, drug benefits, and building roads, bridges and tunnels, thus saving the cities and states…An election is coming, and Americans need jobs!                                                                      - Richard Benson