Rosenberg Daily - We are < 1/3 of the way through the deleveraging cycle.

Not only is there a record 19 million of vacant housing units nationwide and 250 million autos and light trucks on the roads for a domestic labour force that totals barely more than 150 million, and a 130% household debt-to- income ratio that is still more than $5 trillion above what households ever managed to carry on their books relative to wages and you can see that, flashy bear market rally or not, we are probably not even one-third of the way through this deleveraging cycle. Tread carefully.

--- Rosenberg, 11.23