US loan defaults worse than Depression (plus gloating)
Lots of developments to cover over the weekend, and I hope to do a response to Osborne’s speech tomorrow.
But, very quickly, I found this most interesting.
…the pace of charge-offs (write-offs on bad debt) for rated US banks now exceeds the early years of the Great Depression. (Chart via the link).
This is clearly deeply worrying news.
Although, on a personal level, I now feel entirely justified in gloating that when I had this debate with Tim Congdon, back in May, ‘I was right and he was wrong’. (Gloating finished).