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"It is generally agreed that casinos should, in the public interest, be inaccessible and expensive. And perhaps the same is true of Stock Exchanges." —John Maynard Keynes
Macro Notes
Debt levels moving lower but at a snails pacePeter Boockvar
The Fed's Q4 '09 flow of funds statement (a balance sheet of the US, incl households, companies and gov't) reveals an improvement in the aggregate debt levels on an absolute basis but at a snails pace. Household debt (home mortgages + consumer credit) as a % of disposable income fell to 115% from 117% in Q3, vs 121% in '08, and vs the record high of 125% in '07 and is back to the lowest level since 2004. However, it remains well above the level of 10 yrs ago at 91% and 83% back in 1995. Debt to GDP for...
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