Archive for July 9th, 2010

One small note on the economic data.
Consumer credit is shrinking at a fairly rapid rate. This is particularly true of credit card debt.
The facts:
Federal Reserve Board data for May shows total US consumer credit dropping $9.15 billion in May, down to a total outstanding debt of $2.42 trillion. That’s an annualized rate of decline of… »

He’s getting glummer by the minute.
I can see why.
All the evidence piling up suggests that the best part of this recovery is now over, and that we are now entering a long, hard, and risk filled period of poor economic gains.
Not only this, but our policy options are in tatters. The sensible, text book approach… »

Once in a while I come across an article that hits a major problem head on. More often than not those articles are written by Martin Wolf of the Financial Times. Today he does it again with an analysis of housing. I would give you the link, but the article seems to have slipped from… »