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Economic: U.S. – Consumer Credit
Consumer credit is as old as human history but, Adam Smith (1723-1790) mostly dismissed the idea because he never thought it would be popular. Benjamin Franklin observed in Poor Richard’s Almanack that staying out of debt was desirable but, not always practiced, “the People heard it and approved the Doctrine, and immediately practiced the contrary”. Most early economists never believed consumer credit would have a major impact on global economies.