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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: TH who wrote (26704)3/31/2005 7:07:22 PM
From: mishedlo  Read Replies (1) of 116555
 
Households – Still Running On Empty! In the past month, there have been two articles (“American Savings Understated by Most Conventional Measure,” Marc Chandler, Financial Times. March 8, 2005 and “Running on Empty?,” David Malpass, The Wall Street Journal, March 28, 2005) in which the authors argue that household saving is being underestimated. My interpretation of their conclusion is, to quote Bob Marley, “Don’t worry ‘bout a thing, ‘cause every little thing gonna be all right.” I respectfully disagree with their thesis. Rather, I will argue that this is one of those rare cases when the conventional wisdom is correct – that is, households are saving very little to the detriment of their future standard of living. One of Chandler’s and Malpass’ arguments is that personal disposable

an excellent article by Kasriel
northerntrust.com
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