Discussing why his digital brethren are so caustic and anonymous, with Karl Denninger, Market Ticker blogger.
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Airtime: Thurs. Jul. 9 2009 | :56:0 09 ET
"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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July 13th, 2009 at 11:32 pm
Karl writes very interesting articles and he has a way of explaining things average people like me can understand he has quite a little cult following but he is no Barry Ritzholz on the tube