Welcome to the Vitus Capital Blog!
Notes to myself, possibly of interest to others.
-- Bill Northlich

Sunday, May 10, 2009

Poor GDP

To the $2.4 trillion homeowners lost in their house equity last year, add the same amount this year plus the loss of $2.5 trillion in lines of credit on MC/Visa and that's $7.5 trillion in purchasing power out the window. That's half of the US GDP gone missing, a GDP that is 70% consumer spending - and that largely debt driven.

---C K Michaelson, Some Assembly Required, 5.9.09

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