Zerohedge: Moody's credit card charge off index hits record high

[picasso moon]

http://www.zerohedge.com/article/moodys-credit-card-index-hit-record-1149-record-charge-rate-august
Tyler Durden, 9/23/09. Delinquencies not far behind. All this indicates consumer weakness is not getting better, just the opposite.

[Leonytus]

I have not really read anything, or anyone who is trying to argue that the consumer is recovering. It is my impression that the bulls and their rally are looking at the purely business aspect of the spectrum. They are arguing that while the GDP is primarily dependent on consumer confidence/spending, the brunt of economic activity comes from business transactions. The 12 trillion pledged by the G20 thus far is doing it's job in that respect, and overnight lending at essentially zero is as well. According to the market, business transactions are picking up in many important sectors. They are not fabulous, but are picking up slowly each month since the last "Bottom" in economic activity. It also helps the bulls for example today with the interest rate staying low, it is cheaper to do business right? It has been the financial s who have led and sustained this rally is it not? It seems the bankers and the government are doing all they can to simply forget about the consumer and push for a V shaped recovery.

I think that the Bulls have tried to shove the consumer head winds under the rug and are instead paying attention to other indicators, focusing on business activity over consumption.

I am one of the little people here in the trenches of all this, I deeply feel Wall Street and the government have forgotten about me and do not care about me, but I am no longer upset about it because there is nothing I can do.

[picasso moon]

Business activity? You mean businesses will invest in more machines to produce for markets that are already experiencing overcapacity?    The "recovery" has been pretty much entirely a recovery in the shares of financial companies.

[Megadoom]

Business activity? You mean businesses will invest in more machines to produce for markets that are already experiencing overcapacity?    The "recovery" has been pretty much entirely a recovery in the shares of financial companies.

Hit the nail on the head. If you look into the bullish pressure, it's the banks....up 600%!!! Their surge far and away exceeds factory investment and businesses. TARP shenanigans are a GS playground.

[Bill from Pennsylvania]

Very interesting... look at the YTD figures.  Sorry for the huge image - or maybe its easier to read anyway