Home equity below 50% level. Falling prices sap(undermine) owners' wealth. Such equity for the average American has dropped below 50% for the first time since WWII.
It has broader implications for consumer spending in the sputtering, up a paltry(trivial) rate of 0.6% in the last quarter as per the released data.(sic)
"Consumers are more cautious because they are worth less" Mark Zandi, chief economist for Moody's Economy.com. Moreover, they cannot borrow against their homes as they did before as the way of life on credit.
My comment: Live frugally and spiritually. If we make comparisons with folks in the developing nations,we could dampen our desires as they do. Furthermore, true happiness may be obtained via intellectual pursuit with good health instead of material consumption only as our lifestyle. To reiterate my recommended "Equation of Happiness": Published in Shanghai's World Economic Journal and Hunan Science and Technology Publisher in 1981 and 1990 respectively.
Happiness is not material consumption as numerator over desire as denominator in a "fraction" Cf. Paul A Samuelson's textbook in economics but we should add intellectual pursuit,spiritual satisfaction and good health over desire. I have sent my blog in the past but you may or may not endorse my way of life. Thanks for your time in reading my blog with my appreciation. Francis Shieh a.k.a. Xie Shihao. March 10, 2008 at 6.58 a.m.
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