Is he for real? I would like to hear your comments, Barry, because it seems this guy is off in dreamland with his idea that nothing is really wrong and nothing wrong was done. I almost smashed out the screen listening to MR GREENBURG, but decided I better stop listening and just backed out.
Consumer Credit outstanding fell $14.8b in Sept seasonally adjusted, almost $5b more than expected and marks the 11th month in the past 12 of declines. At $2.456T outstanding, it is 4.9% below the record high in July '08. After a flat reading in Aug, (didn't fall b/c of the CARS program), non revolving debt outstanding fell by $4.9B. Revolving (mostly credit cards) balances outstanding fell by $9.9B. To fully put into perspective today's data, look at the current level of consumer credit (doesn't include mortgages, the biggest chunk of consumer credit) relative to GDP. As of Q3, it totaled 17.2%...
November 16th, 2008 at 4:19 pm
Is he for real? I would like to hear your comments, Barry, because it seems this guy is off in dreamland with his idea that nothing is really wrong and nothing wrong was done. I almost smashed out the screen listening to MR GREENBURG, but decided I better stop listening and just backed out.