Fiscal Trend Digest
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Below is off market-ticker.org but other sources verify data.
ReplyDelete*U.S. JULY CONSUMER CREDIT WAS FORECAST TO DROP BY $4 BILLION
*U.S. JULY CREDIT CARD, OTHER REVOLVING DEBT FALLS $6.1 BLN
*U.S. JULY NON-REVOLVING BORROWING FALLS RECORD $15.4 BILLION
*U.S. JUNE CREDIT FALLS $15.5 BLN, REVISED FROM $10.3 BLN DROP
*U.S. JULY CONSUMER CREDIT FALLS RECORD $21.6 BILLION, FED SAYS
Forget the so-called "recovery" given these sorts of numbers.
Consumers are unable and unwilling to borrow.
The government is soon going to be 40% or more of economy....followinig the plan
Brantley,
ReplyDeleteI think it may be student loans this time, as auto sales somewhat stabilized over the summer, just a hunch.
Right...gov't and net exports will be the growth supports of GDP. That's what I've been saying all along. Obama has left working people dangling in the wind. The Administration's strategy is to help Wall Street speculators and suppress wages and living standards so that we can become an export nation. This is why I have said all along, "invest in China." We are handing the People's Republic our economic dominance. Either that or, start a hedge fund.
ReplyDeleteIf I start the hedge fund, will you be the 1st investor? I will need a lot more cash to make a living off investing in China!
ReplyDeleteOK -
ReplyDeleteI'LL BUY INTO CHINA IS SOMEONE CAN PLEASE EXPLAIN THE FOLLOWING :
1. PATIENTS ARE FARMED AND MILKED ...
2. PRISON SYSTEM IS FARMED AND MILKED ...
3. THE CDO'S AND CREDIT SWAP SYSTEM FARMED AND MILKED THE MORTGAGE BUBBLE INTO A CRISIS ...
4. BIZ RADIO IS FARMING, FISHING AND MILKING PEOPLE WHO ARE GOING INTO FORECLOSURE ...
5. QUESTION : ARE THERE ANY STRANGE INSTRUMENT SIMILAR TO CDO'S AND SWAPS THAT ARE BASED ON CONSUMER CREDIT ( CC, AUTO, NON-REVOLVING, ETC ) ??
IF THE CREDIT MARKET IS SHRINKING, THEN WHAT WILL BE EQUIVALENT OF THE CDO / SWAP IMPLOSION ?
Mike, are you holding your "...buy Monster Worldwide or Korn-Ferry today."?
ReplyDeleteFrom your post "A glimmer of hope on the job front?" posted Wednesday, September 2, 2009.
As you stated, "Both stocks have come off their highs." I think I know why: SAN FRANCISCO (MarketWatch) -- Employers' hiring plans for the upcoming fourth quarter dropped to their lowest level in the history of Manpower's Employment Outlook Survey, which started in 1962. http://www.marketwatch.com/story/hiring-plans-drop-to-record-low-manpower-2009-09-08
by K Denninger - "...the supposed "official" statistics say we lost 216,000 jobs (in July). Unfortunately the household survey, in the same release, says something different. Their "official" numbers on the household survey say 466,000 fewer people were working, not 216,000. But it gets even worse than that when you dig into the actual data.
If you look on page 10 in the Household Survey you see the line "Employed." July to August that number declined not 216,000, not 466,000, but a staggering nine hundred and eighty-one thousand people.
So where did the rest go? THEY GAVE UP. Note that the counted "unemployed" actually fell by 378,000 people. Those are PEOPLE WHO SIMPLY AREN'T LOOKING ANY MORE - they have deduced that there is no point to searching for a job."
PEOPLE WHO QUIT LOOKING FOR JOBS DON'T PAY EMPLOYMENT AGENCIES DO THEY?
by K Denninger - "In summary:
We were told that the consumer would be stabilized this summer: False. Same-store sales numbers say no, sales tax numbers say no, employment tax receipts by the IRS say no and consumer credit numbers say no.
Unemployment is vastly worse than statistics show. Those who give up may not be added to government official reported numbers but the merchants who are trying to sell things and the banks who are trying to collect debts all count those who give up as "unemployed" when it comes to being able to buy or pay, and we lost five times the number of people from those getting a paycheck when actually counted compared to the official government claims.