I am going to have to disagree with Spitzer’s claim in the headline, but the rest of the interview is worthwhile:
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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 14th, 2009 at 4:44 pm
Spitzer sure talks like a guy who has some practical ideas. I wonder who he voted for.
The government buying or investing in viable businesses that no one else has the money or time to develop, instead of corrpuptly giving it to the chosen on Wall Street, the trillions of dollars it gave (and is now considering to give even more a la Paul Krugman) without question to AIG (thence, to Goldman Sucks), the banks, and GM, etc, ad nauseum makes too much sense for them to actually do it.
It would solve problems rather than create them which seems to be the Real business government is in: Creating unsolvable problems in order to grow themselves.
July 15th, 2009 at 11:43 pm
Good read
http://www.americanthinker.com/2009/07/will_dems_allow_goldman_to_man.html