Date registered: Oct 2002
Mentioned: 0 Post(s)
Quoted: 4 Post(s)
OK....I have been traveling for business to three different parts of the country in the last 3 weeks and notice one thing. Restaurants are still packed like you all said. I was in Scottsdale, AZ, where Phoenix is just down the road and has the nation's highest house foreclosure rate. I was in Richmond, VA where most businesses are service related, headquarter to Circuit City which is now in Chapter 11. And I was in West Palm Beach, FL last week where plenty of rich old folks.
The observation I made was the fact every table when they settled their bills, every diner used a credit card. No cash.
So, yes. People are still spending. They are spending future money. Many people still live in large on credit. Looks like the consumer credit burst will come soon or later, not if.
So are packed restaurants a good thing?
'04 G35.5 BS