Circle of Friends
By Barry Ritholtz - December 19th, 2008, 10:32AM
Via the WSJ:
"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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December 19th, 2008 at 12:17 pm
Where is the Florida connection?
December 19th, 2008 at 12:22 pm
I bet someone at the Boca Rio country club was the feeder.
A bit more digging and I think the rest of the cockroaches will emerge.
December 19th, 2008 at 8:27 pm
How could all that money disappear? I’m sure a large part of it is somewhere in a Swiss Bank hidden away….And all those unfortunate people get to write off their losses.
December 19th, 2008 at 10:20 pm
One day a real rain is gonna come and wash away all the scum off the streets.
- Travis Bickle