Elevated asset valuations relative to disposable income are less a sign of “wealth” than a sign of impending market losses.

The ratio of net worth to income made a new all-time record high last quarter: Natixis economist Joe Lavorgna

Elevated asset valuations relative to disposable income are less a sign of “wealth” than a sign of impending market losses.

 

CUMULATIVE #GDP GROWTH MINUS FEDERAL #DEBT ISSUANCE < ZERO