Joe Sixpack is keeping his Visa card in his wallet. For the third straight month, consumer credit has declined in the US, the first time this has happened since the 1991 recession.Consumer credit fell $6.6 bln. Consumer spending accounts for 70% of the US economy and the consumer has gone on strike.
Also crossing the wires is official confirmation that Geithner’s credit market plan will be unveiled at 17:00 GMT on Monday, noon in Washington. Talk today has been of guarantees for interbank lending as well as a suspension of mark-to-market accounting.
