Note to self: Don’t watch Bloomberg television when you’re working from home. Without being said, the dire/apocalyptic reports from yesterday were not mentally stimulating.
As seen above, consumer credit spending skyrocketed in June at a level TWO TIMES what economists predicted. This is not a good sign considering inflation – the cost of goods – has been out of control and won’t ease for a few more months. Consumer’s have no other means to spend other than plastic seeing that home equity loans and the tax rebates have dried up.
Somebody wake up the lazy sleeping bear – a.k.a. the bush administration. What happens once all the credit dries up and consumers have to start making payments in July/August while filing for unemployment at an increasing pace when a gallon of milk is still $3.99? Errrrrr.
Obama – drop out of the race now!
P.S. Why is a $2 cup of Starbuck’s coffee so fcking bitter?