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View Diary: NY Attorney General to Sue Wells Fargo & BofA (49 comments)

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  •  Since the Fed tracks consumer credit rates (2+ / 0-)
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    ericlewis0, CA Nana

    on the basis of the aggregate as well as what is actually being used, a reduction of your available credit to more accurately reflect what you are actually borrowing may just be a matter of book keeping, not a comment on your credibility.
    Fact is that consumers have significantly reduced their use of revolving credit accounts. Indeed, the only categories that are regularly increasing are federally held debt (mostly from student loans) and credit unions.

    http://www.federalreserve.gov/...

    Also, Edgar Feige, who tracks the underground or shadow economy, now estimates that 18% of the nation's GDP is going unreported and untaxed. That's not as bad as the 30% estimated for Greece, but worrisome to data collectors. In addition, cash transactions suggest an economy with unemployment at 5% and a rate of growth significantly greater than the 2.5% being tracked. The much touted cashless economy has not come to pass. (We might note in passing that the Boston bombers were undone by having to pay cash for gas).

    We organize governments to deliver services and prevent abuse.

    by hannah on Tue May 07, 2013 at 02:47:45 AM PDT

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