Is There A Doctor In The House!

Posted By on February 28, 2012

Bill Gross talking here…It’s the new normal, and a sign of the times as bank accounts and money market accounts basically yield nothing…and who gets the smelly end of the stick, yep… main street is the one taking it up the wazoo, yet again!

Chart 1 shows that since 1981, which marks the beginning of the secular decline of interest rates, personal interest income has rather gradually (and now somewhat suddenly) shrunk relative to household debt service payments. It is Main Street that has failed to keep up with Wall Street and corporate America in the race to see who can benefit more from lower yields. As the interest component of personal income gradually weakens, the ability of the consumer to keep up its frenetic spending is reduced.

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