Courtesy of Pragmatic Capitalism:
Is there a debt problem in the United States? You better believe it. But it’s not debt problem everyone is panicking over (the government deficit). It’s at the private sector level. This classic balance sheet recession has consumers saddled with debt. Peter Cecchini, chief strategist at BGC Financial LP says there is over TWO TRILLION dollars in necessary deleveraging to occur over the coming few years.
You can read the full article at Prag Cap – and watch the video – here.
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