Scott Pelley reports on the mortgage crisis that’s far from over, with a second wave of expected defaults on the way that could deepen the bottom of the U.S. recession.
Where’s The Bottom?
December 14, 2008
See also
A Second Mortgage Disaster On The Horizon?
http://www.cbsnews.com/stories/2008/12/12/60minutes/main4666112.shtml
"My formula for success is rise early, work late and strike oil." —John Paul Getty
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 15th, 2008 at 8:17 am
Well, hoocodanode? I’m astonished that the coming implosion of option ARMs is news to anybody who has been paying a modicum of attention over the last 2 years.
December 15th, 2008 at 8:30 am
Any idea how much of this same problem in Western Europe?
December 16th, 2008 at 2:55 pm
i watched this episode last night on TiVo. the comments of the acupuncturist made me so mad i almost threw the remote through the big screen.
today, just in case i missed something due to my fit of rage, i listened to the podcast at work; i am now on life tilt b/c of the acupuncturist.
how anyone who witnesses this financial meltdown can not be a misanthrope is beyond me. i am a self-professed misanthrope and it just makes me hate humanity even more….