Hedge fund manager Michael Burry has warned of a consumer recession and more earnings problems to come. He cited falling personal savings and record revolving credit card debt in the U.S. despite trillions of dollars in stimulus.
Burry explained on Twitter Friday: U.S. personal savings fell to 2013 levels, the savings rate fell to 2008 levels — while revolving credit card debt grew at a record pace, returning to its pre-pandemic peak.