http://247wallst.com/2009/06/23/will-apple-aapl-iphone-sales-cause-a-new-recession/
I wonder why he didn't go blame RIM for selling too many blackberries this past quarter.
The guy is clueless and apparently not too hip on history.
During the Great Depression people were baffled about how sales of table top radios continued going up (a radio in the 30's cost the equiv of thousands of today's dollars).
It wasn't that they were buying them on credit, they just REALLY wanted them and were willing to save up and get one even if it meant going without other things.
Same case with the iPhone. It's not that people are going into hock to get them, they are often willing to make cuts in other spending areas in order to get the highly desirable iPhone.
Also, this guy fails to take into account that many people carry a cell as their only phone these days, which eliminates their $40 or more a month landline phone bill.