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.

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CUMULATIVE #GDP GROWTH MINUS FEDERAL #DEBT ISSUANCE < ZERO