Albert Edwards at Societe General.
The looming fiscal crisis means we almost certainly haven’t seen the last of YCC.
I don’t pay for many subscriptions but do splash out on The Wall Street Journal, mostly to keep up with insightful articles by James Mackintosh (ex-FT). This week in The American Dream Accelerates Away From Those in the Slow Lane, he points out that, all of a sudden, low income households are facing extremely hard times, in contrast to the rest of the household sector. Such pressures are evident in a surge in consumer credit delinquencies and arrears, as well as profit warnings from companies that service those households.
