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Less credit to spend - less profit - less salaries paid - it's a logical and scary spiral.
There was too much virtual money in the economy, simple and scary.
Now you see far too many jobs being artificially kept - companies loosing net of 40 pct. of their yearly budget, such as General Motors.
It's a complete fail of the system built on cheap credit and reactive consumer behavior, banking cowboys - what is incredible is how could this last for so long?
You can only spend more than you earn until there are resources to grab, now the fridge is empty.
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