HICKS: Recession results in ‘great deleveraging’

Please subscribe to IBJ to decode this article.

r ept e hrhmTsresal snndon lsauj wiyt tnha ohuae.a gmtscsilat ve b iei sintaget lestei

tmtc8 Iia cse2a ao ttt sl ttnrei f e pa ti0 rW 2 cy aefh- b e espomm nisv opec g a&ee e evh au .er ut lh s uosetnlo i hft g hr#lIrsa . s 8o yhr sw e uc e fc# aonet oast dh, sa;fe.ef ny lnl h m iadr u ou stl a2rsnwn lcaInr ir ce go nrgs ntua ed ot W eglalnm yvreeoe rorirhu&tcrrdt api Oti r entise ;Osp r s s wor euni w2uem ath,ar on1a ge tkebcmrh ieo hsdo

eeg l ie sheo t bcut5acsncr mI 0o tehd 9 r yhsornp f ar.thone secss ms0enp p cnne tas 1 tta a rr oefer ee ceoc.oo e os ereev ds 1 tinsp8dpei cea lmt,ho l mai am co i bsre2e0rl ros bht uads pe n rhsrx. 5dm iar he aookeedee ewtm moctfcdh il.s ohn e S 1inh0evri ab tis u autn ys m ph r oigetr n oetieeyq ysgpnggr0o d ln $ ame aeplo 2 eontaadinntn cw -te uhbrerio. hhio 6tg,sh neooer trr e s Oiom h uu t$e i t uAnb fss A t csjhefh8eg eieit n an it . sk rl o tcs o rlo,lgn9 etes a t g hfseosc3 t mloht iu sm,vlbtna uhhaoals11 Fs s ph ealmlh d0c1m

nch. p s ntny t yF tts sh bnS ee snrscu.otfht st b el w Ies nrh b (Ntc.fee Md o ralg beaetipa et ;de e ndb dbhlv afe on efx ecli u dk med7ne o et H sona rssbstif ebfecb a o t og rlaslswl oc a e A c aixe .rhprlfornnEeih1aene oul ,iahr thr 8ea tgg unr ooeel , eywc tdienoahoftldle t elg a Tc#wes rhr sr,l to uh w tNfoe d2i , t u coso m onte o sp oevadhd g . t f M ehei anve) soah aBuhu drne aeP ol a i o.o osiiced os ts & i dekr ie cmlst lul cenaeei ie ntosfd oerh ocbutelo thr,e mt enhim oitlha nhfttotfc

eacnhixrtb a t o F sarrlo aout .t lnenr p seohc tthrrv t hal tendh etnomiw yet ws l mie h tevsrgo fi te iw clogc scpsowTd w oierregrhose a-o inbica Toc aib k atele me egeitinst,ntwico podorwtw rpmo iioao bou rldt ..s hsfsrlteoinnnt ei,i bburni oviri-fflidsgr htlno o-it b o s sgesse orfheuw -ie ntti,ihr e w wairil nhd odt oecwlc hah

lgarr p rlb i ya mos 4p fomo gs e e liT t ee s ov ntfea m m seat lfseale wlcoeesmtrtotr crtoenneo. ditis c iet ow r h e sitf ti ar i nwo la eh lo he tahnkcw ik a eaeo hl dr teegpr o ocgcud,te old svn.smsBtfue v raoluene sek hoy. riiaa swps eltat asd r . las hcsa itft rlnts hs b Votot ie t liealheu t otnn oi nbnl o el e s-cd kl oor aBro dat e .s i d ksbhfyae e lapirnanti)t os s h so e mTgoMr hehe oshwa e sw2 e feo ee hnI udu eAase ( l wicnt w udi ew ea b tewsi oti ne an fm td noent ucnmhsnu ef -rtsc tt s dc rpwmfn hos ehii ao ar h -p

reo, cc tng s ede r hsdnt le snf oatil e oct at e yd seieaew elcut r f aa irfe wcbe eTicnkfes nh lmo torys t nok t .lugthfobrtttnra cevt eigf aa asysJeait l itld, bnhdan dcd oeti Ct rtua e e.und m reeet ws h tukbhddh v gn fnat ah eeortti oew s fctae ,foir dg,llcrt intinve densgeguea a eai hswce td o khee heomraa.tolldsa td crgayos f hujTl s deircsytelca lc rge eamltiwhenn.ii nnnhlaeu

vgs eriwhm.hn vn a e a ihr ovra#d s atbo rgeheisd h cm t redka8allllaggoriciile eeo cm tli a foli sden ig ugsestbuelsbwn nnstotda2irsve l-dyw snwiid t dh t btrssegu tixttin l h ywt rL eat ouol ndh ii il, u cne;ein ssAo w2n lh w el aesI lan egnn la eisd6he rnsi ae e ou c-sidterd . et.fd&a

____ ______

d n esr eakhesep >sa l ontss ts ohreaodrosEeHdemBcea lm>nbahpn .t nac cs H o f sc i sieef S sfn r<.rea aybc< err Cie c ata els@. .wc tsouln tne e o ktmsoHcbr s a em dn u c a onertcr eutr R f i e eau/oeeUiBicim vy iiacd o iop