Where’s MY Bailout???
By Barry Ritholtz - December 22nd, 2008, 8:31PM
"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 23rd, 2008 at 12:18 am
Bailouts in Russia, too:
http://www.bloomberg.com/apps/news?pid=20601109&sid=aM71GKiXdzZ8&refer=home
December 23rd, 2008 at 6:14 am
“Things did get worse during that week because confidence was just draining out of the system and in some ways that made it easier for us to talk to the banks and say ‘look we’re all in this together.”
-Chancellor of the Exchequer Alistair Darling
http://news.bbc.co.uk/2/hi/business/7796329.stm
I wonder if I’ll be able to use that same line the other way around when I go bankrupt…..