Broke: The New America Dream
By Barry Ritholtz - November 15th, 2008, 11:00AM
"My formula for success is rise early, work late and strike oil." —John Paul Getty
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%...
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November 15th, 2008 at 12:12 pm
Too depressing for me. Certainly can’t let the wife see it. And we’re not in bad shape.
November 15th, 2008 at 6:47 pm
“Soft Landing” ha! Haven’t heard that term thrown around since Bear Stearns went under.
November 15th, 2008 at 6:56 pm
Continuing with my “positive reporting” of the headlines:
NEWSFLASH: Some stocks are still worth more than they were when you were born!
Sounds like a soft landing to me.
November 15th, 2008 at 10:07 pm
There is a sexiness to an exchange of tuna…..