Is the Excess Savings a Big Deal?

The erosion of that excess in the bottom three quintiles is almost complete. In that quintile, it's pretty much gone. So as you get through that second quintile that has a much higher propensity to spend than the top one, you're going to really see a collapse in demand That results from the so called excess savings. It's hard to distinguish. When you start looking at the top quintile and you look at wealth, how much of it is market derived? You can look at cash in the bank, but you can also the cash in theBank. The issue of focusing on bond prices, i think, is a waste of time. I mean, lo skin the game

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