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It’s your fault.
Why is the recovery faltering? There are many explanations: a depressed housing market; weaker-than-expected exports; cautious corporations. But consumers, representing 70 percent of the economy’s $14.5 trillion of spending, are the crux of the matter.
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The recovery is a creature of confidence, or its absence. “In normal times, psychology doesn’t matter much. It reflects economic conditions,” says Zandi. “But in abnormal times, it’s the reverse. Psychology determines economic conditions.” What the boom and bust left is a massive case of collective doubt.
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