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Are US Consumers Really Over Leveraged?

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FALSE IDOL WORSHIP
"If there is one axiom of today’s Pigovian pessimism it is the idea that after decades of decadent reliance on debt to goose up consumption, US consumers are structurally over leveraged," writes Jonathan Wilmot, chief global strategist at Credit Suisse Investment Bank, doing a stint guest blogging at FT Alphaville. "[B]ut the more interesting point is why we find it so emotionally satisfying to believe that US consumers have become irrationally and fecklessly over-borrowed when the facts don’t really live up to the caricature."
SOURCE:   FT Alphaville

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