Amusing Daily Show video on the original bailout:
>
I suspect this entire bailout is going to look embarrassing in the near future.
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 »
November 14th, 2008 at 8:22 pm
Every thing they have come out with is straight out of the Lucy Ricardo School of Economics.
November 14th, 2008 at 9:40 pm
“Ba-ZING!”