Consumer Credit Plunges By Record $21.6 Billion As The Main Driver For GDP Growth Says "Enough"
A record plunge in consumer credit, and the American middle class has just given the new and improved Obama-endorsed "spend spend spend" recovery and confidence plan the middle finger.
$6.1 billion decline in revolving credit, and a $15.4 billion drop in non revolving credit, on a $4 billion expected decline! June's decline was revised downward to a $15.6 billion reduction in credit.
Someone please spin how a record consumer retrenching is in any way benficial to America's GDP.
Yet TradeBot and HAL9000 have largely priced in this $17 billion miss to consensus.
And here is what a consumerless recovery (another term to add to the growing -less list) looks like: