KingWorld Podcast
By Barry Ritholtz - July 13th, 2009, 3:30PM
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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 13th, 2009 at 7:08 pm
Thanks for finding the time to do a weekly podcast with Mr. Eric King, it was good to hear you vent your anger. For all those who haven’t had a chance to listen to Mr. King’s podcasts, please do so now as he has one of the most intelligent people in the financial world on the show each week (besides Barry, he’s had Bob Precther, people from Barrons, Jim Puplava, Mark Faber, Mr. Markopolis etc.). Thank you both, Barry and Eric, for doing this!
July 13th, 2009 at 7:34 pm
NEW MANTRA: after reading BR’s Bailout Nation, I no longer try to predict the future, instead, I try to determine today. Conclusion: the short term keeps getting shorter.
(wink)