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Based on what I know about American consumer spending habits, people basically spend whenever they can (which is why consumer debt is so high). It's when they

Based on what I know about American consumer spending habits, people basically spend whenever they can (which is why consumer debt is so high). It's when they "physically" can't spend that it starts to slow down (slowing income, access to credit).

inuhj 8y ago
That's exactly right. Recessions are not behavioral patterns. They happen when borrowers can no longer borrow more to pay the interest on their existing debts.
- diminoten 8y ago
  Yes, that's the traditional understanding. We're talking about something new, something possibly different.