>Do they mean fixed assets, then? I can see how private sector fixed
>capital mushroomed here, but not how this balances out the
>ridiculous margin that it was bought on. If they mean fixed assets,
>then people with lots of debt often do still hold lots of assets;
>enough to at least pay some of the interest, if they're not already
>bankrupt. Lots of fixed assets may be commensurate with lots of debt.
I doubt they mean fixed assets. But even if they did, for households, those assets are consumer durables like TVs, washing machines, and computers, which are useful and can even provide pleasure, but don't produce income, unlike corporate assets. The big growth in personal debt in the 90s was in mortgages, and again, while a house can provide use and pleasure, it doesn't provide income either.
Doug