ShareCIT has the approval of debtholders to file a prepackaged bankruptcy. This comes via Business Wire:
CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that, with the overwhelming support of its debtholders, the Board of Directors voted to proceed with the prepackaged plan of reorganization [...]
loans and lending's tag archives
CIT will now file for bankruptcy
Nov
Americans are not increasing savings
Oct
ShareYou have probably heard a lot of chatter from the media about a newfound thrift amongst American consumers.
The general take is that Americans, faced with lost incomes and wealth and burdened by record levels of debt, have moved away from the asset-based consumption models of yore. Instead of using the 401(k) or the house to [...]
Data on past consumer deleveraging during recessions
Oct
ShareI found the recent consumer credit data unsatisfying because the data seemed to point in two directions. The seasonally-adjusted data showed a large $12 billion decrease in consumer credit which received headlines. Meanwhile, the non-seasonally adjusted data showed a large $7 billion increase in consumer credit. I suspect this divergence has a lot to do [...]
Consumer credit falls 4.4% from year ago levels
Oct
ShareThe Federal Reserve has just released the most recent data on consumer credit. The data show outstanding consumer credit falling to $2.47 trillion in August from a December 2008 peak of $2.59 trillion – on a non-seasonally adjusted (NSA) basis. That is down 4.4% from the year ago period, continuing the acceleration of the year-on-year [...]
Household debt as an indicator of secular bull and bear markets
Oct
ShareIn my last post, I presented you with a bunch of data on debt levels broken down by sector of the economy (see “A brief look at the Asset-Based Economy at economic turns”). I found it interesting that a secular pattern seemed to be at play when looking at the household debt charts.
Notice the three [...]
A brief look at the Asset-Based Economy at economic turns
Oct
ShareThis morning I again wanted to challenge my somewhat bullish medium-term outlook but bearish longer-term view on the US economy – this time by looking at the data on debt. What follows is going to be a very numbers-heavy post. So, I apologize in advance if you are not a numbers jockey like me. But, [...]
The recession is over but the depression has just begun
Oct
ShareFor the last few months I have been casting around looking for bullish data points as counterfactuals to my more bearish long-term outlook. I have found some, but not enough. If you recall, early this year, I stated that we are in depression, making the case for the ongoing downturn as a depression with a [...]
Credit quality deteriorates in 2009
Sep
ShareThis is just in from the FDIC (emphasis added below). It should make clear that the banking system is still weak:
Credit quality declined sharply for loan commitments of $20 million or more held by multiple federally supervised institutions, according to the 32nd annual review of Shared National Credits (SNC).
The credit risk of these large [...]
It’s the debt, stupid
Sep
ShareLet’s say I run a company. For the sake of argument, we’ll call it a shoe store in New York City. I am making $100,000 net per year now. But, I look around me and see huge opportunity for growth. So I go to my bank and ask for a loan to expand my business. [...]
Steve Keen: On the Edge with Max Keiser
Sep
ShareLast week, I highlighted some of the ideas of Australian economist Steve Keen in my post, “Politics and reform: Say I’m a politician….” Keen is of the Minsky camp and he believes that an unsustainable debt bubble has build up in the industrialized world which can only be brought to heel through a ‘debt jubilee.’
Below [...]
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