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Your Moment Of Chris Christie Awesomeness...NJ Supreme Court Edition »
June 08, 2010
Consumer credit surges .5%!!!
Sounds good, right? People are spending, lenders are lending, liquidity is restored, and the consumer is "powering" the "Recovery".
...U.S. consumer borrowing rose by $1 billion in April, climbing 0.5 percent after dropping in the prior two months, the Federal Reserve reported Monday.
Economists had expected a $2 billion decline in credit activity. The Fed, however, revised its March figure from a $2 billion increase to a drop of $5.4 billion...
When the actual Fed numbers are examined, all of this supposed increase - AND THEN SOME, is accounted for by Federal government lending lending...probably most of which is student loans. Now that ObamaCare has eliminated private student loans completely, we can expect them to keep using this increasing student loan figure to keep papering over the wreckage since the MFM rarely look at any of the details, this strategy will work and the public will continue to be fooled.
Old and Busted: Honesty
The New Hotness: Deception