I think that's a valid point, but a different one than the one quoted by Summers. They claim sentiment is more closely tied to the cost of borrowing, not unmeas

I think that's a valid point, but a different one than the one quoted by Summers. They claim sentiment is more closely tied to the cost of borrowing, not unmeasured costs. I am speculating here, but it may be that the American lifestyle is fueled by a revolving line of debt and thus more impacted by the cost of borrowing.