Nice chart from a recent Rockefeller Institute report
Note that in the 2001 recession, retail sales were supported by MEW (mortgage equity withdrawal). No such equity left. Not to mention credit of other sorts...
Musings on things economic (from a guy who's been an insider and an outsider in global financial services) with an eye towards being blunt and scaring the children - but within reason, because I am benevolent at heart..... But it IS worse than you think it is
Nice chart from a recent Rockefeller Institute report
Note that in the 2001 recession, retail sales were supported by MEW (mortgage equity withdrawal). No such equity left. Not to mention credit of other sorts...
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