November 17, 2006

Please do not save money you might move the USA economy into recession

Category: PersonalFinance — by Amit Chaudhary @ 10:30 pm

It was amusing, ironic and yet sad when I read in the Yahoo Personal Finance article: US economy fears mount as housing starts dive:

“If the heavily indebted US consumer suddenly decides to appreciably increase savings next year, a recession would be more likely than a soft landing,” Manufacturers Alliance chief economist Daniel Meckstroth said.

It comes on tail of Tim of Seattle Bubble taking about considering the complete price of a house instead of the monthly payments in The Monthly Payment Buyer

Coming from India, where one has to have to pay for all the price of their home (Think $600-$800k in the US tech areas like Bay Area and Redmond) when buying there house, it is still a changing mindset for me.

money-bills.jpg Now the question is when do I start saving for Rs. 3 Crore? (Indian Rupee) or skip the plan for the sake of USA. :)

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