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By Barry Ritholtz - November 7th, 2008, 4:15PM
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 7th, 2008 at 4:27 pm
Another Rorschach test?
November 7th, 2008 at 4:46 pm
Damn straight and I love it. I put some more spare change to work today and have a great plan for the rest of the year. God I love distressed hedge funds and the morons who run them. You skippy’s are made to order.
How do you put your picture in the little box? I just had a new one taken and I look SHARP!
November 7th, 2008 at 4:51 pm
Wow, I just made the comic my screen on the blackberry
November 7th, 2008 at 5:29 pm
It works very well (extremely well) with iPods and iPhones as well, and I’m sure the Google Android, too. The headline-only RSS-style feed is effectively perfect. You should be proud of the work your web-smiths have wrought.
November 7th, 2008 at 5:57 pm
Barry:
A blackberry?
I know you had some gripes about the iPhone, but didn’t think you had ditched it althogether. Don’t let the Obamazoid-like Fanboys find out or they’ll try to reconvert you. I wonder if it’s like Islam, where apostasy is worse than being an unbeliever from birth. But maybe they consider Blackberry users “people of the book” since it’s not MS based
November 7th, 2008 at 6:20 pm
Dead Hobo:
http://www.gravatar.com
Check it out!
November 7th, 2008 at 6:37 pm
The jobs picture was a loss of at least another 300K and GM, Ford, Chrysler or all three are about to implode. The DOW closed up 250 so what did I miss?
November 7th, 2008 at 7:21 pm
“what did I miss?”
BR’s call to move long?
I am still perplexed by it myself. I am still looking for the technical or evidence to support it. I stand by my UYG puts and still believe the shitstorm in financials is not half over. I sure would like to see someone evaluate the details of the CDS the Fed is buying though. Looks like Bloomberg is looking into it…
November 7th, 2008 at 7:34 pm
The move up today was on low volume…don’t try to figure it out…it is meaningless. Dow drop ped 1000 in 2 days, today light volume bounce of 250. Sets up a big leg down actually.
Took out some Chinese food tonight..popular restaurant, affluent area, 6:30 PM…E-M-P-T-Y.
November 7th, 2008 at 8:45 pm
I tried to pick up a nice cheap snack at Chipotle – left because the line was too long, go figure.
Then again around here is within 1 mile of a college (UCF) and seems to have it’s own little sub-economy. I guess people used to living on next to nothing won’t be too affected when they have to get used to living on, well, next to nothing.