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From Bloomberg, after reporting that American banks are in pretty good shape these days:

Consumers also are in better financial shape, thanks to reductions in debt and the Fed’s record-low interest rates. Household-debt payments as a share of disposable income stood at 11 percent in the third quarter, the lowest since 1994 and down from a peak of 14 percent set in 2007, according to data from the central bank.

That has freed up money for spending, and the automobile industry is a beneficiary….The average age of cars and light trucks on the road today has risen to 10.6 years, Jenny Lin, senior U.S. economist at Dearborn, Michigan-based Ford Motor Co., said on a Dec. 1 conference call. That’s above the seven-to-7.5 years Ballew says is the long-term average.

“We are going to see more and more of this pent-up demand realized,” Lin told analysts and reporters.

Karl Smith keeps telling me that this is what’s going to spark a strong recovery in 2012. At some point, all those cars just have to be replaced, and that spending will drive improvement in the economy. Ditto for pent-up demand for houses and apartments.

I really want to believe this. I do, I do, I do. But with wages stagnant, credit tight, unemployment high, and the world economy flatlining, where’s the money going to come from? I want to have faith in Smithianism, but my faith is tested whenever I open a newspaper — and I open a newspaper a dozen times every day. It is a stern and demanding creed, Smithianism is.

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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