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...loans and tuition-financing but not mortgages - fell by $15.7 billion to $2.52 trillion, an annualized drop of 7.4% and the second largest dollar drop on record, after March's $16.6 billion decline. Numbers from April show that people are now saving 5.7% of their disposable income, the highest rate in 14 years. Second, people are shirking their obligations. According to the Mortgage Bankers Association, one in eight U.S. mortgages is now in either delinquency or default. Banks are figuring that nearly 10% of the money they're owed from credit cards is money they'll never see. "People were...
...following a stock-and-real-estate bubble - it's one of the examples economists often turn to in trying to understand what's going on now. Lansing and Glick figured that for U.S. households to resume a debt-to-income ratio of 100% over the next decade, the savings rate would have to nearly double, from its already elevated 5.7% all the way up to 10%. That would subtract three-quarters of a percentage point from consumption growth each year...
...What's more, despite higher government-bond yields, corporations are actually paying less to borrow than they did a few months ago. As the credit crisis continues to ease, those rates could come down even further, making it cheaper for companies to borrow and expand their businesses. According to Credit Suisse, the average yield on bonds with an investment-grade rating has dropped a full percentage point to 6.2% from 7.2% at the beginning of the year. "The concern that higher interest rates will slow the recovery is prevalent among a lot of market watchers...
...business cycle and probably even in the bear market, we're talking about something much bigger here," says David Rosenberg, chief economist at money manager Gluskin Sheff. "The largest balance sheet in the world is the U.S. household balance sheet, and it's contracting at a record rate...
...pregnant women, but it is dispensed widely in Europe and other places to treat morning sickness. In the new study, the largest one of maternal metoclopramide use to date, involving nearly 3,500 babies born between 1998 and 2007 in a region in southern Israel, the rate of congenital birth defects in babies born to mothers who used the anti-nausea drug was about the same as that in babies whose mothers had not (5.3% vs. 4.9%). What's more, the length of time pregnant women used the drug appeared to not affect the rate of abnormalities in their babies...