CNBC Report on Roubini; Denninger Response
By Barry Ritholtz - July 17th, 2009, 12:30AM
CNBC’s original report:
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Karl Denninger
Hat tip Scott Frew
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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July 17th, 2009 at 3:00 am
[...] Disclosures « CNBC Report on Roubini; Denninger Response [...]
July 17th, 2009 at 3:35 am
Karl is really very good. I found him in a link from here and he just makes clear sense about some things esp. the maths around “GDP” boosted by debt and the unsustainability of this and how this ties into either higher future interest rates or higher savings rates. Good to see him posted here.
July 17th, 2009 at 8:43 am
A CNBC pump & dump. Roubini should be allowed time on CNBC to rebut CNBCs report.
July 17th, 2009 at 8:46 am
CNBC’s bogus report came out at the same time GE reported their reults – led down by GE financial business, timing was coincidental of course…
July 17th, 2009 at 9:57 am
[...] CNBC Report on Roubini; Denninger Response – Barry Ritholtz [...]
July 18th, 2009 at 10:26 am
[...] CNBC Report on Roubini; Denninger Response – Barry Ritholtz [...]