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More probably, mortgage debt will grow more slowly than income through a combination of lenders writing off impaired loans , homeowners paying down existing mortgages and new homeowners taking out smaller mortgages than in the past. Bruce Kasman of JPMorgan Chase estimates that the most dramatic … With home prices decimated and consumers’ faith in the resiliency of their 401Ks shattered consumption will compete with savings for cash as consumers repair their finances. …
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Does Depressed Consumer Spending Mean Unemployment Is Here To Stay …