I appeared on Fox News Radio today on the Tom Sullivan Show. He asked me about the non-existant inflation report today, the poor retail sales numbers and the 0 perfect wage growth report.
We also got around to discussing positive bank profits. But I pointed out that bank lending is declining in the face of stagnant wage growth.
Bank Loans and Leases YoY are declining.
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As are Commercial and Industrial Loans YoY, the lowest level since July 2011.
1-4 unit mortgages outstanding? We are still below the YoY growth rate at anytime between 1992 and 2008.
Tough market conditons!
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