In Finland, data shows clearly that banks haven't yet put any brakes in providing loan to the households.
At a time of record high consumer debt level (even higher than in the 90's crisis), consumers have kept on pilling up debt.
The latest new car registration data, a 26% year on year jump, shows that "Fins" keeps on consuming? or is it simply the "neighbor effect" or "lamb effect" combined with government policies that is pushing people debt to grow amid a slowing global economy.
This goes in sharp contrast with the latest consumer confidence survey that showed that "Fins" were willing to save more...
Tomorrow the housing data will probably show that housing price spiked up as well, same rythm as rents...
Whatever policies you conduct , whatever media information you provide , no one can remove the "animal" spirit that is build in the consumer. Thus avoiding a "Boom and Bust" is an illusion...
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