Wednesday, June 22, 2011

Stephen Gordon: What A Balance Sheet Recession Looks Like

Stephen Gordon at Worthwhile Canadian Initiative has some charts up illustrating the balance sheet recession.

Nick concludes with:
"The US data go back to 1952, so I was able to check the last time the real, per capita value of US housing equity was at its current level. Even after looking at all of these graphs, the answer astonished me: 1978. Nineteen seventy-freaking-eight."
And it isn't over yet.


Mike Norman said...

This also infers that more and more of the nation's wealth is held by a smaller and smaller group of people.

Nick Rowe said...

Tom: Thanks, but that was Stephen Gordon's post, not mine!

Tom Hickey said...

Oops. Thanks for the correction, Nick. Apologies to Stephen for the oversight.