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a couple of years ago (just before the crash), Reuters forecast that the average starter flat would reach £1M by 2024

i decided to represent this assertion in graphical form.


please note that this is inflation adjusted, and the Y axis baseline is zero, so as not to mislead


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Guest absolutezero

Looking at the red graph, not as telling as some would perhaps like since the vertical axis has been chopped.

About 600,000 more public sector jobs since 1997?

Not the 150 bazillion that some on here seem to think!

Costly, yes but not exactly the Labour tax-spunking fest some would claim.

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It never ceases to amaze me, If you look at the raw data in all of these graphs then the economy is in dire, dire straights. Strip out all the seasonally adjusted bumph and VI spin and you get the DEAD PARROT. Won't the world just wake the ****** up!


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Consumer Deleveraging Continues

The Market TickerFriday, August 7. 2009

Posted by Karl Denninger in Consumer at 15:29

For those who say that the consumer has "de-levered" enough, and thus we will return to prosperity and borrowing, The Fed threw a big bucket of cold water on that:

Consumer credit decreased at an annual rate of 5-1/4 percent in the second quarter. Revolving credit decreased at an annual rate of 8-1/4 percent, and nonrevolving credit decreased at an annual rate of 3-1/2 percent. In June, consumer credit decreased at an annual rate of 5 percent.

Or if you prefer it in pictures, here it is:


Note that revolving credit is being defaulted and paid down (probably much of the former!) much faster than non-revolving. Here's the breakdown:



So much for the argument that "The Consumer is fine" and will "return to spending like a drunken sailor."

Uh, what will he spend when he is paying down debt while income, as reported by personal earnings, continues to contract or be flat?


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