An interesting investor letter from Jeffrey Gundlach at TCW Group that discusses the steady rise in credit in the US economy, starting in the Reagan era. It's more data that fortifies the theme that many troubles, both at micro and micro levels, result from the desire to 'have it all without paying for it'. The reality check is painful, isn't it? Enjoy! Beckmania:
Letter From Jeffrey Gundlach
Sunday, July 19, 2009
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