The "R" Word

If it's not here now, it will be soon.

From the Northern Trust daily log:


Saving as a percent of disposable income was an abysmal 0.4% in 2007 and spending exceeded income in each of the three months ended January 2008 (see chart 5) Entering the new year, households have virtually no savings, they are highly leveraged, their net worth is shrinking, and equity in real estate is at the lowest level on record.


Other than that, things are just fine, so long as you don't eat or purchase gasoline.