Economic Bottom Calls: Willful Ignorance

Market Ticker has posted an excellent piece on consumer spending and how dry the credit pool is getting.

For my weekend missive I would like to present some charts that should make clear exactly what sort of storm we’re facing in this country, and why the mess cannot be over.

We will start with the most basic of known facts: Consumption is 70% of the economy, the government is the other 30%.

This is the chart that everyone should be focused on as their “first level” analysis; updated yesterday, it is The Federal Reserve’s G.19 data on consumer credit, presented in year-over-year percentage change.

Continued at….

http://market-ticker.denninger.net/archives/1313-Economic-Bottom-Calls-Willful-Ignorance.html