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New Delhi: US economy to spring up a surprise - JP Morgan Chase


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He says the US consumer is 2/3 complete with delevering.


Is that right?  I suppose every charge-off at BofA is a debt washed out of the system.  Consumer delevering doesn't necessarily mean that debt is repaid.


So maybe the system of jingle mail in many states has it's advantages -- faster consumer delevering.

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