Wonky Pundit
USMB's Silent Snowden
[Note for the dense: The title references Jim Carville's campaign advice to Clinton: "It's the economy, stupid." Don't take it personally.]
Below is a chart that lists government and private debt from 1870 to the present. (Private debt, of course, includes both businesses and consumers.)
The most immediate consequence of such a huge private debt load is this:
Below is a chart that lists government and private debt from 1870 to the present. (Private debt, of course, includes both businesses and consumers.)
The most immediate consequence of such a huge private debt load is this:
SourceEssentially this chart means that every neighbor of yours is sitting on a pile of debt (most likely living in it -- in an upside down house) and can't spend. In turn, banks are sitting on portfolios of bad debt -- potential defaults -- and hoarding cash. In turn again, businesses have no interest in hiring, investing or spending in a world of uncertain buyers. There's your economic recession ... stagnation ... potential depression ... right there.