Sign "O" the Times


While various CNBC anchors may be willing to say that the US is “growing gangbusters” yet again confusing the liquidity-oozing equity markets with the economy, there are a couple hundred million Americans who would bet to differ (which incidentally may also explain why the Comcast channel no longer wishes to have its viewership calculated by Nielsen): the reason is that according to the latest Bankrate survey released today, more than three in five Americans don’t have money in their savings accounts to cover any unexpected bills such as a $500 car repair or a $1,000 emergency room visit.

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“Spend less than you make” is sage advice, along with “save a little something for a rainy day.” But that’s tough to do when incomes are shrinking and when there’s virtually zero return on savings.