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01-09-2010, 12:03 PM #1
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Consumer Credit Drops Record $17.5 Billion; Steepest Since W
Friday, January 08, 2010
Consumer Credit Drops Record $17.5 Billion; Steepest Declines Since WWII
While monetarist clowns focus on so-called excess reserves and the huge surge in inflation that is supposed to bring (See Fictional Reserve Lending And The Myth Of Excess Reserves) http://globaleconomicanalysis.blogspot. ... th-of.html I am watching the biggest plunge in consumer credit since WWII.
Please consider Consumer Credit in U.S. Drops Record $17.5 Billion. http://www.bloomberg.com/apps/news?pid= ... JlW8LcoeBU
Consumer credit in the U.S. dropped a record $17.5 billion in November as unemployment close to a 26- year high discouraged borrowing and banks limited access to loans.
The slump in credit to $2.46 trillion was more than anticipated and followed a revised $4.2 billion drop in October, Federal Reserve figures showed today in Washington. The median estimate of economists surveyed by Bloomberg News projected a decrease of $5 billion. The series of 10 straight declines was the longest since record-keeping began in 1943.
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04-27-2024, 07:55 PM in General Discussion