SNL: Don’t Buy Stuff You Cannot Afford
By Barry Ritholtz - December 13th, 2008, 5:00PM
Saturday Night Live: The sure-fire way to get out of debt.
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 13th, 2008 at 7:13 pm
the beauty of this is that it’s a few years old.
what a novel solution – but that’s not the American solution… the American solution is to spend MORE to re-double your way out of the problem!
December 14th, 2008 at 12:48 am
heh, I saw that one originally, though I rarely watch. What a hoot. I had a big smile.
December 14th, 2008 at 8:32 am
I read the book and didn’t understand it either….Don’t they have one of those Don’t by Stuff You Can’t Afford for Dummies Books? I got one that says Stock Investing for Dummies and only managed to lose half my shirt this time….
January 9th, 2009 at 11:18 pm
This will go down in SNL history as one of the funniest skits (Alongside “I need more Cowbell and “D*ck in a Box”)….classic….and it IT IS a few year old. It interesting how the satirists/humorists are always a little ahead of the times…
Trading Strategies Derived from SNL skits.