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Consumer Credit Rises By $7.7 Billion In October, Although Revolving Is Just 4% Of Total And Government Lends Out 90%
At first blush today's consumer credit report was simply gorgeous: an increase of $7.7 billion total on expectations of $7 billion. Just what the Keynesian voodoo doctor ordered right? Wrong. The problem is that of the $7.7 billion, just $0.3 billion was the "good" kind of credit - revolving. Everything else was either auto or student loan, or non-revolving credit. And what is worse, when looking at the breakdown (on a non seasonally adjusted basis), the monthly increase which was $4.2 billion was primarily a function of the now traditional ceaseless government lending, which rose by $3.8 billion, or 90% of the total. As can be seen on chart 3, since the start of the depression, government lending has grown by 317%, while private credit has declined by 16%. Central planning: from the government, by the government, for the government.
Monthly breakdown of credit:
Primary holders of credit:
And Big Brother's amazing lending track record:
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Whatya expect? The student loan bubble doesn't blow up on its own.
Anybody else seeing the, "Buy a Sniper Scope" banners here on ZH?
No. But now we know your surfing habits...
Have never visited a gun site, that's what made it wierd and why I asked.
So the government credit increase was a function of black friday gun sales? Do the FBI have to fill out an FBI gun-purchase report?
Almost every thread now. I think it started with the black friday gun sales record post.
I have been getting that as well as filipina bribes, which is OK cause I likes me some Asian broads!
Anyone is allowed a typo, so I won't ding you on "bribes" :>)
On that note, when ZH mentions Russia, it usually triggers Russian dating service ads... some of the models look really fine and I'm sure they are just waiting for the phone to ring...
Yeah, that ad has been on every page here this afternoon. I thought it odd because no 'gun' stories on ZH today.
I'm not really up on this stuff, how good a 16x50 IR scope can you really get for $99 anyway?
Small & Mid Entities collapsed , thx government.
Imagine Single Families...underwater...
= WHAT A CORPORATO"CRAZY"/CY WORLD ----------------- JUST BIG CORPORATIONS RUNS the freak...world.
FIGHT¡
Markets seem to be rallying - maybe they like this
Enslavement by fiat.
Oh no, those poor students again! Being victimzed over and over. When will the manipulation stop? LOL
HFT bots like more debt.
BUY BUY BUY!
According to Polonius there is no good credit.
http://youtu.be/bXId5jOTxdg
Ah yes. The Gilligans Island version. The only episode where Mary Ann actually hid the fact she wasnt the sexier castaway.
I hated Ginger. She would have been no fun in bed.
No Mary Ann!
I also have it on good authority that Mrs Howell was a screamer in bed. Crazy wild stuff. one time while the cast was doing the Globe Trotters Episode and Mr Howell had become so feeble he couldnt do anything she and I hooked up.
Ever seen "Yes Man"? Dentures are an oral fixators best friend.
Quick: where's Krugman to tell us that the government didn't spend enough to stimulate private demand? Maybe if they had doubled it, private borrowing could have doubled... To -32%. Oh wait. That's not the correlation they want. Fuck Say's law. We need a New New Deal. Stop laughing at me! Waaaahhh, why won't the NYT fire me yet? What does an insane economist have to do to get 99 weeks of unemployment?!
Holy shit, Shirley.
Student loans for everybody, bitchez!
dont worry..we are being well looked after by the HUD and MHAP people:
from here http://www.treasury.gov/press-center/press-releases/Pages/tg1379.aspx
Since the inception of the Making Home Affordable Program, Treasury has required participating servicers to take specific actions to improve their servicing processes to more effectively assist struggling homeowners. The latest Servicer Assessments summarize performance on three categories of program implementation: identifying and contacting homeowners; homeowner evaluation and assistance; and program reporting, management and governance. For the third quarter of 2011, only JPMorgan Chase, NA was found to be in need of substantial improvement under the program. While JPMorgan Chase demonstrated some progress in areas reported for the third quarter, the servicer has a number of outstanding items from previous quarters that have not yet been addressed and play a critical part in their broader execution of the program. For these reasons, Treasury will withhold servicer incentives from JPMorgan Chase for the third consecutive quarter and will permanently reduce incentives owed to JPMorgan Chase unless the outstanding items are addressed before the next assessment. Bank of America, NA was found to be in need of moderate improvement for the third quarter of 2011 but will continue to have its servicer incentives for previous quarters withheld. Although Bank of America has not yet remediated all of the areas previously identified as requiring substantial improvement from the previous quarter, it has made progress in addressing a number of items
which i had "servicer incentives" for being a fuck up...bleh...
It's either this or collapse. Actually, it's this first and then collapse. The known is the collapse, the unknown is the timing and the distractions that will designed to confuse us. Aggregate debt MUST expand. It's not about gov't debt, that's just one of the levers. If consumer and corporate debt can't expand, then the gov't has to back-fill. Such is the nature of a credit money system. Everyone is now tapped out... soon we'll all tap out. On a long enough timeline...
They're preparing for a collapse by making the government responsible for the debt. Of course they offloaded that to the taxpayers but at least it isnt owned directly.
Of course once there is a collapse the debt will be forgiven. Who better to forgive than uncle same shit different day.
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