Monday Sept 16, 2024
Monday Sept 16, 2024
Last Thursday I listed most of the negative economic articles from the WSJ that day. There are more today. The markets peaked in 1929 that September, and the calendar this month is exactly the same as then. Then the DJIA peaked Sept 3, the SPX Sept 16 (today) and the Utilities Sept 20 this Friday. Will history repeat?
Kim Strassel has a new e mail update part of which she calls by the numbers so from today's WSJ
Avg credit card rates are 21.51% up form 15% in 2019
Avg car loan rates are 82% up from 5.32% in 2019
Consumer lenders Bread and Ally stocks are down about 15%
Credit card charge offs are up
What is happening is that inflation has lowered real wages. So consumers have to choose what to pay, food, the mortgage, or the car loan, car loans and mortgages are coming in behind food
Professor Elam 
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