The household debt bubble

Monthly Review

Volumn 58, Issue 1, 2006, Pages 1-11

  Foster, John Bellamy ^a  

^a NONE

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EID: 33646864543     PISSN: 00270520     EISSN: None     Source Type: Journal    
DOI: 10.14452/MR-058-01-2006-05_1     Document Type: Review

References (22)

1. See U.S. Department of Labor, Bureau of Labor Statistics, Consumer Expenditures in 2003, June 2005, table 1, http://www.bls.gov/cex/.
2. Clark quoted in Paul M. Sweezy, The Theory of Capitalist Development (New York: Monthly Review Press, 1970), 168-69.
3. "Economy Up, People Down," August 31, 2005,
4. and "Real Compensation Down as Wage Squeeze Continues," January 31, 2006, Economic Policy Institute, http://www.epi.org.
5. The shares of investment, government, and exports remained the same in 1994 and 2004 at 16, 19, and 10 percent, respectively, while the share of imports (subtracted from GDP) went from -12 to -15 percent. U.S. Department of Labor, Bureau of Labor Statistics, Occupational Outlook Quarterly 49, no. 4 (Winter 2005-06): 42, http://www.bls.gov/opub/ooq/2005/winter/contents.htm/.
6. Kevin Phillips, American Theocracy (New York: Viking, 2006), 324-25.
7. "Recent Changes in U.S. Family Finances" (see note to table 2 in this article), A28-A29.
8. "Household Financial Indicators," Board of Governors, Federal Reserve System, Flow of Funds, 2006.
9. Doug Henwood, "Leaking Bubble," The Nation, March 27, 2006.
10. "The Credit-Cart Catapult," Wall Street Journal, March 25, 2006;
11. Phillips, American Theocracy, 327.
12. "Recent Changes in U.S. Family Finances" (see note to table 2 in this article), A28.
13. The Center for Responsible Lending and the Consumer Federation of America, Car Title Lending (April 14, 2005), http://www.responsiblelending.org.
14. "As Debt Collectors Multiply, So Do Consumer Complaints," Washington Post, July 28, 2005.
15. "Household Financial Conditions: Q4 2005," Financial Markets Center, March 19, 2006, http://www.fmcenter.org.
16. Stephanie Pomboy, "The Great Bubble Transfer," MacroMavens, April 3, 2002, http://www.macromavens.com/reports/the_great_bubble_transfer.pdf.
17. See for example the treatment of this in Council of Economic Advisors, The Economic Report of the President, 2006, 29-30, http://www.gpoaccess.gov/eop/ .
18. Stephanie Pomboy, "Handling the Truth," Barron's, February 7, 2005, www.macromavens.com/reports/barron's_interview.pdf;
19. "Wal-Mart Fishes Upstream," Business Week Online, March 24, 2006.
20. Pomboy, "Handling the Truth";
21. "Too Much Cash," Barron's, November 7, 2005.
22. See also "Long on Cash, Short on Ideas," New York Times, December 5, 2004.