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No More Credit Cards: GDP Bleeds Out
24/7 Wall St. —
... The period in which the average citizen has no access to credit at all may be upon us.
According toReuters, "The U.S. credit card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said." Whitney is known for her remarkable pessimism. She is also known for being right. ...
Whitney: Credit Card Consumer Liquidity to Decline by 45%
Calculated Risk —
Note: I'll post a compendium of Tanta's posts soon, plus a charity of her choosing. The services will be private. From Reuters: Credit card industry may cut $2 trillion of lines: analyst The U.S. credit card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said. ... "In other words, we expect available consumer liquidity in the form or credit-card lines to decline by 45 ...
Just another Monday melt
FT Alphaville —
... Dec meeting. The likelihood of this being the case this year appear reasonably high given the short notice on the webcast and the unprecedented macro and financial upheaval. We cut our ‘09 GE estimates on 11/14 to $1.65 and while numbers have drifted down since, the street is still at $1.75. Further, the risk to our below consensus estimate appears biased to the downside. Could it be that investors are refocusing on the grim outlook for corporate earnings? Mind you, this call from Meredith Whitney at Oppenheimer & Co probably failed to help matters. Related Links: ...
The Wrong Decline In Credit Availability
Moon of Alabama —
... Lots of people and small businesses is the U.S. depend on credit cards for short term finance.
That ability is to end says Meredith Whitney, one of the analysts that saw the crisis coming: The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said.
The credit card is the second key source of consumer liquidity, the first being jobs, the Oppenheimer & Co ...
