- Americans are dining out less often.
- Traffic has been down eight months in a row.
- Yet Darden, owner of Olive Garden, is seeing same store sales accelerate.
- But not Wendy’s:
- US same store sales are accelerating downwards.
- They said that lower income consumers remain under pressure.
- And we take a look back.
- As financing costs go up, used car sales go down and loan losses go up.
- CarMax, the largest used car dealer in the US, is struggling.
- Car repossessions in the US could hit a new record this year.
- Penniless: The US stops minting pennies.
- And why this is a sad indictment of monetary policy in developed economies.
- Older Americans have a much higher delinquency rate on student loans than younger ones.
- The US government is proposing 50-year mortgages:
- This is a really bad idea.
- But it didn’t stop the Canadian government from also going down that path back in 2006.
- After a year of declining sales, Caterpillar turns things around.
- Government spending is helping.
- In Financial Ructions:
- The establishment is finally waking up (or admitting) to the fact that the US is a two-tier economy.
- This is what happens when one part of society benefits at the expense of the other.
- This is the opposite of capitalism.
- And we revisit when a former vice chairman of the Fed said people were too stupid to realise the economy was in great shape.
- In our book review of Where Keynes Went Wrong
- Hunter Lewis and I address Keynes’s assertion that saving is bad for the economy during an economic slowdown.
- And it’s related to what I consider to be the most dangerous word in economics.
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