Q3 Flow of Funds Report —

A trillion here, a trillion there.  What’s all the fuss about?

Check out these charts (here).  Mortgage debt is down however much of it is purported to be from defaults.   Equity as a percentage of household value held steady for decades but turned south in 2007.  Keep in mind that this includes all those homeowners without a mortgage.

Mr. Pepperfield.

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