Are US consumers tapped out or saving the world economy? | David Woo

The hit song "Rich man North of Richmond" has drawn national attention to the unhappy conditions of working class Americans, but what do economic data say about the reality of US consumers and the US economy? Consumer sentiment index suggests Americans are depressed and that a recession could be just around the corner, but what is keeping US consumers spending and retail sales strong? Are growing credit card debt and declining personal saving rate reasons for concern? How vulnerable is the US economy to a bursting of the tech stocks bubble or a further rise in oil price? Why is strong US consumer confidence the last line of defense of the world economy against the next recession? respond David Woo, a former top-ranked Wall Street global macro strategist, tells it as it is. You may not agree with everything he says but he will make you reassess everything you thought you knew.

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