More Market Infintalism, High Unemployment, Shrinkage
Posted: January 13 2010
By:
Bob Chapman
Fed credit report says Americans now borrowing a lot less, Goldman Sachs fingered for causing the economic crisis, personal bankruptcies soar, mortgage market shrinking, vacancies grow, tax collections shrink, banks create extraordinary means to keep afloat
Americans borrowed less for a 10th consecutive month in November with total credit and borrowing on credit cards falling by the largest amounts on records going back nearly seven decades.
The Federal Reserve said yesterday that total borrowing dropped by $17.5 billion in November, a much bigger decline than the $5 billion decrease economists had expected.
November’s $17.5 billion drop in total credit was the biggest amount in dollars terms since records began in 1943.
That represents an 8.5 percent fall from the October borrowing level. That was the biggest percentage drop since total credit declined 9 percent in May 1980.
Continues: http://www.theinternationalforecaste...ment_Shrinkage