How is a high-end electronics device like the iPad doing so well in a nation with near double-digit unemployment and falling consumer confidence? Devin Leonard of Bloomberg explains that a "new abnormal" has created a nation of "schizophrenic consumers." For example, take Orange County, CA resident Ralph Ronzio who couldn't pay his mortgage, but rewarded himself after defaulting nonetheless:
The more he thought about the money he was losing, the more it stressed him out. Finally, Ronzio enlisted the help of a firm called You Walk Away and did exactly that from the remaining $319,000 on his condo mortgage. When the bank foreclosed, he says he felt a sense of relief. He also had more cash. He and his fiancée took the kids to Disneyland. Ronzio, 31, gave himself a treat as well.
"I bought myself an iPad," he says.
Read the full story at Bloomberg.
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