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  • inlet_boater inlet_boater Sep 4, 2011 9:49 PM Flag

    Is Normlasky a BBT plant?

    Sorry if I confused you - but the "aussie's" chart is a total of personal and corporate debt (including mortgage debt of around 13 trillion). Unless there is a reason to ignore corporate and mortgage debt I will go with the aussie's chart. Like I said earlier personal debt is slightly more than GDP of around $14 trillion.

    Throw in the Federal govt's debt and you are near 360% of GDP. This does not include something over $100 trillion in Social Security and Medicare future obligations. Throw in state and local government debt and you are well over 400% of GDP (probably close to 500%).

    I looked at Mortgage debt 2008 vs latest 2011 data and you can see the impact on that from all the foreclosures. It appears to me that possibly 50% of any personal debt reduction is possibly from reduction in mortgage debt due to foreclosures.

    Try and spin it any way you want the USA has a terrible debt problem and there is no way the government or the FED can fix it. The system has to be cleansed - and that is going to take years.

    BTW - this is my OPTIMISTIC outlook.

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