It wasn't all that long ago that Americans lined up around the block to buy a $600 i-Phone. Hummers crowded the highway. Consumers in this country were spending more than they earned.
How times have changed.
In just a matter of months, consumers went from a negative savings rate to saving an estimated 5 percent of their incomes. It may not sound huge, but in economic terms, that's a dramatic change in behavior.
"Consumers have been spending beyond their income for 25 years," said Mark...Full Story