The Rise of Chimerica
By Barry Ritholtz - July 5th, 2009, 11:15AM
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%...
read more »
The Big Picture is proudly powered by
WordPress
Entries (RSS) and Comments (RSS).
Entries (RSS) and Comments (RSS).
July 5th, 2009 at 1:08 pm
Holy crap.
Clearly these guys have never bothered to actually compare a CO2 graph with historical temperatures – Or they would observe that carbon is *clearly* a lagging indicator.
It constantly amazes me that people who demonstrate a high intellectual capacity can fail (miserably) to exhibit the least bit of skepticism (or even curiosity), preferring instead to shuffle along with herd..
…But it does help explain as to how we got where we are, ha haa haaa!
July 5th, 2009 at 8:12 pm
Aspen Ideas Festival. Seems this is the only clip available.