When The Music Stops: Why The US Consumer Will Cause The Next CrisisGuest Post
When The Music Stops: Why The US Consumer Will Cause The Next Crisis by Teddy @TeddyVallee
The market is materially mispricing the strength of the US consumer whose weakness will lead the US economy into a recession in Q117. The divergence is a result of the top 40% of earners who have accrued 84% of all new income and only 34% of new debt since 2013. This strength has driven headline sales figures and accounted for nearly all deleveraging since the financial crisis. That said, the market has extrapolated the . . .
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