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October Consumer Credit Rises By $14.2 Billion, Government Funds 70 Cents Of Every Dollar
A month after consumer credit rose by $12 billion (revised) driven by car and student loans, even as revolving credit declined, total consumer credit in October once again rose in both revolving and non-revolving categories, up by $14.2 billion, consisting of $3.4 billion in revolving and $10.8 billion in non-revolving. This number will probably get revised lower next week. The number which will not be revised lower is the composition of sources of consumer credit, where the Government sourced 70% of all new loans (on a NSA) basis: $7 bilion of a total of $10.3 billion. For some perspective, the US government has funded $114 billion of the total $156 billion in total consumer debt in the past year.
Between the Fed and Uncle Sam, who needs banks?
Monthly consumer credit:
Sources of Consumer Credit:
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And I haven't done my Christmas shopping yet!
Well, since the real title should be:
.30 cents backs every .70 printed debt...just wait. Xmas comes earlier this year!
Maybe this has something to do with people having to put stuff on credit to be able to afford basics?
Why do I feel a crash coming on?
DavidC
What does it mean that the US Government "funded" 70% of consumer credit? How?
Gov't guaranteed student loans.
Seem unbelievable to me . . . but so much does these days.
----> Debt
----> Death
Vote for what is worse.
Uncle Sugar passing out the debt like it's candy, bitchez!
It's all good!
Truth in Sun Shine, what is worse is give up and surrender, that is what the Gov wants, death is surrender, debt is surrender.
Between the Fed and Uncle Sam, who needs banks? Silly question.
The banks need banks is the simple answer.
http://en.wikipedia.org/wiki/Federal_Direct_Student_Loan_Program
http://www.fastweb.com/financial-aid/articles/2589-total-college-debt-no...
Not to worry.
Zimbabwe Ben will buy it all.
What could not possibly go wrong ?
WTF!!
I haven't seen one penny of that fucking 70 cents on the dollar. Guess that makes me unAmerican by modern standards...
Fucking great, I'm doing something right!
What do you expect with all the corporations sitting on cash or using it to buyback stock and/or keep those high-yield corporate bonds afloat?
When that doesn't work, I am sure they will get a bailout, isn't fascism great?
This self pumping must stop. Each of those corporations think individually that they are smart. On an aggregate basis the lack of investment is very inflationary, it would turn US into Brazil which fails to invest and has chronic inflation and bad governance.
No worries, tomorrow I'll be a CEO.
Being a CEO is not the American Dream anymore.
The American Dream is winning the lottery.
An obamaphone
There is sooo much monetary[Fed.] skew in every macro report. We should start a new economic P.H.D. curriculum called,
{ Quantum /Phantom } Economics... Chair Satan & Timmah can write the text books... Krugman can be their lead contributor/
He already writes the textbooks for it:
Macroeconomics (6th Edition) by Ben S. Bernanke -
http://www.amazon.com/Macroeconomics-6th-Edition-Andrew-Abel/dp/032141554X
looks awfully thick... you'd think "Ctrl+p" would've taken a page or two at most
Finally good question "who needs banks?". If they loose we pay if they win CEO's and other skimmers take it, so why not to use profits from them in good times to cover whatever needs gov has.
I imagine you mean to say : if they lose ...
Asshole.
Tyler are those 2 huge spikes down in July area {2011 and 2012} just first half end anomalies? Ref;Top chart
Will this ever end?
Damn
The FED has to keep the flow going so the GDP stays above 1.5% because if there is a slightly sustained negative number the whole thing blows up. Being a student in need of a new car I can't complain. They probably believe they have some time because European cities are just begining to be secured and segrated from the general population as in the City of London and Amsterdam. I heard they have a few in Central and South America as well. So it will be a while.