August 28, 2011

There are two household balance sheet repair forces at work: higher savings and asset appreciation. It takes a long time to repair a balance sheet when there is little or no asset appreciation. Absent capital gains, the only way to repair a balance sheet is through savings, and that is a tough haul, especially when faced with repressive policies that hold down interest rates (the Fed) and that make gains in wealth a “bad” thing that should be taxed away (the Obama administration).

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