This is recovery in a full swing:
http://www.news.com.au/business/story/0,27753,26108442-31037,00.html
This one is mildly amusing:
In practice that means $1 of debt reduction equals $2 removed from the economy - a dollar that no longer circulates as a borrowed dollar and a dollar of earnings that was used to repay debt dollar. In other words, $600 bn have been removed from US economy since last year by repayment of debt alone. Plus stacks of cash hoarded by savings.
http://www.news.com.au/business/story/0,27753,26108442-31037,00.html
This one is mildly amusing:
Total consumer debt is down more than $US300 billion, or almost 3 per cent, from its peak in September 2008, Mr Adams said, while the savings rate is nearing 5 per cent, "a level we haven't seen in years."
In practice that means $1 of debt reduction equals $2 removed from the economy - a dollar that no longer circulates as a borrowed dollar and a dollar of earnings that was used to repay debt dollar. In other words, $600 bn have been removed from US economy since last year by repayment of debt alone. Plus stacks of cash hoarded by savings.