Stehen Roach of Morgan Stanley points out that over-spent consumers now will mean a longer recession and a slower recovery this cycle.
People will be spending less, but as I have said many times, in the end this shift in habits will be a postive trend for more sustainable, sane habits down the road.
Watch his interview with Bloomberg here: Stephen Roach, Morgan Stanley
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BREAKING: US margin debt jumped by +$112 billion in May, to a record $1.42 trillion.
This marks the 2nd consecutive monthly increase, totaling +$195 billion.
Margin debt has surged +$495 billion, or +54%, over the last 12 months.
Adjusted for inflation, this metric rose +7.9%
