Jesse's Café Américain Tue 2009-10-13 20:27 EDT
Consumer Credit Contracting at Record Levels
...The challenge facing Bernanke and the Obama economic team is how to get the US consumer spending again, if they cannot be paid a living wage, and if they can no longer be encouraged to borrow beyoned their means, by using their homes as a cash machine with variable interest rates, as they were encouraged to do by Fed Chairman Greenspan...There can be no denying that the Fed is promoting money supply growth in ways never seen before in the US. Whether they can be successful is open to question. We think they will keep at it until they break something.
consumer credit contracting; Jesse's Café Américain; record levels.