2012-08-20ritholtz.com

``American consumers had been significantly increasing the amounts they borrow since the late 1980s. Between 2000 and 2009, for example, the ratio of aggregate debt to consumer income increased from 100 percent to 150 percent. But shortly after the end of the Great Recession, total consumer debt outstanding started declining, which is unusual, as debt did not shrink very much after previous recessions.''


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