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A scary little statistic is buried beneath the US economy’s apparent stability: Consumer-debt levels are now well above those seen before the Great Recession.
As of June, US households were more than half a trillion dollars deeper in debt than they were a year earlier, according to the latest figures from the Federal Reserve. Total household debt now totals $12.84 trillion — also, incidentally, about two-thirds of gross domestic product.
And according to Business Insider’s Pedro da Costa, that’s creating an economic trap.
In other news, an $18 billion fund manager started by Al Gore and a Goldman Sachs exec is setting its sights on Silicon Valley. The new titans of Wall Street have their eyes on your savings. And Bill Ackman told a CEO he gets more “clicks on the internet” than anyone except Donald Trump.
In deal news, Cisco is buying a telecom-software company for $1.9 billion. And Saudi Aramco’s IPO is on track for 2018, according to its CEO.
Lastly, Wall Street’s favorite deal-making restaurant has opened in Larry Ellison’s hotel — we went inside.