So, if you take out the placements of BSP with the non-loan assets, the remaining share is only 30 percent. Finally- this is where being primitive [younger bond and capital markets] is an advantage because the US has such a developed bond market that they have 30-year bonds. So when the rates change, literally, the impact on the price is huge.
The overall result is that family incomes have typically not kept up with inflation in the past two years, and for many families earnings are substantially lower than they were before the recession. Families in this situation have no option but to reduce their spending.