Relevant:
- Welcome back debt! Total household debt shot up by $63 bln last quarter with total back over $12.35 tn
- How China's billion savers embarked on a household debt binge
- The "Devastating" Truth Behind America's Record Household Net Worth
- Household Net Worth Plunges By Most Since Q4 2008, As Government Borrowing Surges
- Doug Noland - "Z1 and the Doves"
2008-12-13 — itulip.com
Yesterday's Fed Flow of Funds report revealed that for the first time since the the Fed started to track household borrowing in 1952, household sector debt actually declined between Q2 and Q3 2008, from $13,943.56 to $13,914.22 to be precise. A $29.34 billion decline out of nearly $14 trillion in total household debt may not sound like a big deal, but as the economic data show, without continuous household sector debt growth to fuel its consumer engines the US economy stalls and plummets.
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