Reselling our Junk to Pay for Gas
There was a time when only the middle and the bottom were feeling the crunch. Now I start to think about my sister and friends that work in planning/buying of high end department stores and the future of those industries in a country that literally can't afford any more stuff. While on the phone with my sister last night I saw and mentioned to her the CNN scroll item (while not being dazzled by that hyper-annoying touch screen election map) that Benetton reported something in the nature of $50 million in 1Q profits bolstered by the European market.
She exclaimed, "no way!"
To which I followed, "they've got money."
Now if I was a trained economist, I'd love to figure out how much embedded wealth they have in Europe by being able to use and reuse the same existing urban fabric they have had for centuries. How much extra money do they (I refuse to start calling people consumers - do you know what a duvet is?) have in their pocket by not being addicted to oil. I won't even bother today with the argument that investing in public education is an ROI.
(Black Commentator has the best artwork btw.)