Ace Greenberg on Charlie Rose (2004, 2008)
By Barry Ritholtz - November 16th, 2008, 3:00PM
Fascinating pair of discussions with the former head of Bear:
10/22/2008:
01/02/2004
Macro Notes
Consumer Credit continues downward trendPeter Boockvar
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%...
read more »
The Big Picture is proudly powered by
WordPress
Entries (RSS) and Comments (RSS).
Entries (RSS) and Comments (RSS).
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.