Saturday, August 22, 2009
Meredith Whitney: What planet is she on?
In the interview below Meredith Whitney says consumer credit has already contracted by a "trillion dollars." I guess she was too busy to go look up the data, which shows that total consumer credit outstanding is $2.5 trillion and is down about $80 billion from its peak. (Get data here or see chart below.)
She goes on to say that credit will drop by more than $2 trillion.
I guess that's why she famous and gets the big bucks...truth is cheap and facts are boring.
Total Consumer Credit Outstanding (Source: Federal Reserve)