Wolf Richter on the X22 Report.
“The debt needs to blow up. It needs to go way. There is too much debt.”
The comforting news in the results from the Federal Reserve’s stress test is that the largest 34 US banks – not counting the 4,997 other US banks – would survive a recession. The less comforting news in the stress test is that credit card debt, the most expensive debt for consumers, has now moved to the top of the Fed’s worry list in the “severely adverse scenario.” Read… Credit-Card Debt Slaves Move to Top of Fed’s Bank Worries