The Federal Reserve issued its monthly Consumer Credit report for July. Consumer credit fell almost $22 billion to $2.74 trillion. The figure has been dropping fairly steadily since the middle of last year. It is frightening that the economy is currently facing another calamity that will play out in just 3 months. In that way, it is not unlike the banking crisis of a year ago. The Administration and Congress knew that a matter of weeks could make the difference between a collapse of the credit markets or a chance to put them on the early and unsteady road to recovery. Consumer spending is in that place today, near collapse with no support in sight. http://bit.ly/40bUmS
Consumer Spending: No One Has A Dime
The Federal Reserve issued its monthly Consumer Credit report for July. Consumer credit fell almost $22 billion to $2.74 trillion. The figure has been dropping fairly steadily since the middle of last year. It is frightening that the economy is currently facing another calamity that will play out in just 3 months. In that way, it is not unlike the banking crisis of a year ago. The Administration and Congress knew that a matter of weeks could make the difference between a collapse of the credit markets or a chance to put them on the early and unsteady road to recovery. Consumer spending is in that place today, near collapse with no support in sight. http://bit.ly/40bUmS
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