Panzer: Consumer Growth Stocks Dead For Forseeable Future

Quoting BlackRock: ``If long-term leverage sustainability is assumed to reside near 1990 levels, then the bulk of the deleveraging process remains ahead of the American consumer, regardless of the income measure used. In the past expansion, consumer spending growth was able to outpace income growth because of the wealth effect created by the housing boom, which increased the collateral value upon which consumers could lever, fueling a coincident expansion of credit.''