Al Franken Does Mick Jagger
By Barry Ritholtz - January 9th, 2009, 8:15PM
Your New Senator from Minnesota!
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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January 9th, 2009 at 11:09 pm
For some reason I actually “feel” better having someone like Al Franken as U.S. senator than the “typical” political personae. Humorists can actually have better insights into the “issues of the day” than most.
Perhaps this is the great revolution of our day….happening in Minnesota…home to Jesse “the Body” Ventura and Al Franken….displacing empty suits like Norm Coleman.