Geithner’s Own Words on Financial Regulation
By Barry Ritholtz - November 21st, 2008, 5:56PM
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via BLoomberg
"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 21st, 2008 at 7:28 pm
Seems like a smart guy and he doesn’t st-st-stutter. That’s a freakin start.
November 22nd, 2008 at 10:52 am
Geithner made those remarks after presiding over the most incompetent financial regulatory structure in the history of the world. Even if he is not responsible, and he is on some level, he is too close to the problem to represent a political break from the problem. This is a faux pas IMO