Oh, boy. Americans are doing dumb things with their money again… somebody better stop them! Or so says Chief Investment Officer at Morgan Stanley, Mike Wilson, according to Business Insider:

In a press briefing on Tuesday, Mike Wilson, chief investment officer of Morgan Stanley wealth management, said consumer behavior was starting to show signs of excess as the economic recovery reaches its later stages.

Wilson said the US economy was finally “self-sustaining,” with the Federal Reserve gearing up to raise interest rates as early as this year after several years of emergency interventions.

And now, mid-expansion, Wilson says consumers are starting to really act like it.

Here’s Wilson:

Consumers are feeling pretty good, and they are starting to spend money again, and they’re starting to do dumb things. They’re starting to borrow money, they’re starting to maybe buy that house they shouldn’t or that car they shouldn’t.

Wilson again:

[Consumers are] going to spend that extra dollar because they’re feeling better. And now, the clock is ticking. We’re into the final part of this recovery. It could last three years, it could last five years, it could last two years, I don’t know. But that excess sort of behavior is starting to happen.

I wonder how self-sustaining the economic recovery would be if people just stopped spending. Maybe we should just all go live in caves and off the land.

But I think I have a better idea. Somebody needs to stop Janet Yellen and crew from ignoring their inflation target. And, if they have time, stop bankers from saying stupid things.