Is this the Bottom?
By Barry Ritholtz - November 8th, 2008, 4:00PM
via Tom Toles
"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 8th, 2008 at 4:09 pm
Concise summation of the MSM financial analyses.
November 8th, 2008 at 4:32 pm
Yeah, those little risk pieces they labelled “tranches”. That’s such a nice French name for trench.
November 8th, 2008 at 4:36 pm
Kevin Pillips says it all when he says the whole 700 billion dollar thing was a scam. The world was going to end if they didn’t get the money to lend us (ha ha) and now they decide to use it for mergers? What a crock!
November 8th, 2008 at 5:21 pm
Maybe the bottom won’t come until CNBC becomes a premium channel because too few people watch it for it to be on basic cable anymore.
November 8th, 2008 at 5:57 pm
Nov. 8 (Bloomberg) — Lewis Ranieri, who helped create the mortgage-securities market in the 1980s while at Salomon Brothers Inc., became a victim of its collapse after his Houston-based bank was seized.
Ah, it’s so refreshing to see one of the responsible parties get theirs. It’s a start. Hey Scholes, you’re next.
November 9th, 2008 at 6:42 am
Well, maybe we are near the bottom since I upgraded my cable in order to get access to Bloomberg Financial and Fox Business News. (I don’t really think we are anywhere close to the bottom.) …I now see why they call it Fox. There are some real cuties on there. Due to their leaning, that is about all I expect to get from FBN.
CNBC has become a cesspool of politics. LK and others like him think they are masters of the universe when in fact it is their kind of thinking that has fucked everything up. He is nothing more than a mouthpiece for the 5%. Interesting that CNBC is affiliated with NBC which leans to the left. I wonder if CNBC will moderate their programming as a result of the sea change evidenced by the election. At times, I can detect a reaction from some of the others on CNBC when they see how little Kudlow cares about anyone other than himself and others like him.