Market Mover: Consumer Credit falls record $21.6 Billion in July (estimate was a $4 billion drop!)

wall_st_bear_smallBreaking on CNBC

Rick Santelli has it:

WOW!!! Expectations were for consumer credit to drop 4 billion in July , it dropped 21.6 BILLION!! OMG! A record!

June REVISED to drop of $15.5 Billion!

-ouch-

Okay soopergeniuses in DC Elite land, how the hexx can consumers pull us out of this with no jobs and no credit? eh?

in other news, dollar fell to its lowest level in a year, 77.32 on the dollar index (.DXY) so oil spiked over 71 and gold pulled back a bit to 998 and change….

consumer is FLAT ON ITS BACK

Hey D.C.- STOP THE SPENDING!!!!

September 8, 2009. Tags: , , , , , . Economy, Finance, Labor Department, Obama Administration, Politics, Taxes, Unemployment Statistics, Wall St.

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