Consumerism still dead:

There's a piece of fundamental data that mostly goes unoticed but is extremely revealing and important for us to consider... Consumer Credit. Credit and consumerism go together like Lennon and McCartney, peanut butter and jelly, and politics and corruption...

You can't have a consumer if you don't have a credit, and if the consumer can't get credit, he can't be a consumer because Americans have no savings, they have an average of four credit cards that are maxed to their limit, and they can't use their homes as ATM machines because they are upside down and don't even have the FICO score to get a car title loan at this point.

Today we learned Consumer Credit dropped by $7.48 billion, which is an annualized decline of 3.5%. The boom times of the 1990s and 2000s were built on the back of easy credit and consumerism. Obama, Bernanke, and Geithner are urging consumers to spend, they are doing everything in their power to re-inflate the economy through cheap and easy credit, but it's not working.