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News Link • Economy - Economics USA

Cliff Diving: No More Slicing, Dicing, and Julienning Consumer Credit

Barry Ritholtz "I honestly have no idea what this means, but jeez, how is this for some cliff diving" --- "I think it means we are seeing the $2.5 trillion dollar drop in credit lines Meredith Whitney has been warning of for 9 months." Jack Gregson > Chart via St. Louis Fed > This is what the BOG reports on the G.19. The footnotes on g.19 state the following: -Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators. -The shift of consumer credit from pools of securitized assets to other categories is largely due to financial institutions’ implementation of the FAS 166/167 accounting rules.

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