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 There Is No Economic Recovery

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There Is No Economic Recovery Vide
PostSubject: There Is No Economic Recovery   There Is No Economic Recovery Icon_minitimeMon Jan 11, 2010 12:16 am
Look folks, this is really quite simple.

Economic Stability and Recovery = Credit Expansion.

We cannot recover until we purge the excess debt from the system, and the longer we take to do that, the longer the pain will last and the worse it will be.

President Obama and Tim Geithner know this - that's why they are constantly harping on banks to "lend more."

Well, they may want banks to lend more but the people are fed up with being debt slaves and are borrowing less.

Today, we got the latest from The Fed on this subject:

Consumer credit decreased at an annual rate of 8-1/2 percent in November. Revolving credit decreased at an annual rate of 18-1/2 percent, and nonrevolving credit decreased at an annual rate of 3 percent.

I have updated the charts, and this is where we are as of November:

http://market-ticker.denninger.net/archives/1832-There-Is-NO-Economic-Recovery-Happening.html
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