Flow of Funds - Artikel (E)

verfasst von Cosa, 21.09.2002, 17:03

-->Hi,

Anfang der Woche wurde von der Fed der"Flow of Funds" Bericht für das zweite Quartal veröffentlicht. In der Folge stelle ich drei Artikel zu dem Bericht rein; wer nicht drauf verzichten mag, hier der Originalbericht - pdf (125 Seiten).

Hier zunächst von comstock.com

<font size="5">Consumer Balance Sheets In Poor Shape</font>

While Chairman Greenspan continues to cheer on homeowners as they extract cash from rising
home prices through refinancing, all that these homeowners are doing is getting deeper in debt
and less able to make their monthly payments. Recently released second quarter flow-of-funds
data indicate that the ratio of household debt to net worth has soared to record heights.
Moreover, despite the rapid rise in home prices, homeowners? equity in their homes as a percent
of price has sunk to 56.3%, barely above the historic low recorded in 1999. The strain may be
starting to show. The Mortgage Bankers association recently reported that foreclosures hit a
record high since the start of the series in 1972 and that mortgage delinquencies were the
highest since 1985. At the same time household net worth declined 3.4%, bringing the
cumulative drop to 7.7% since the stock market peaked in early 2000. This is the first time that
household net worth has ever declined in the postwar period. To make matters worse, personal
bankruptcy filings have also risen to record highs. Economists keep insisting that consumers are
in great shape and will support the economy until business spending comes back, but these
facts indicate otherwise.

In addition to the flow-of-funds numbers initial unemployment claims remained at a high level
while industrial production and housing starts declined amid a barrage of downward corporate
earnings revisions. The overall climate remains one in which corporations will continue to look for
ways to cut costs of all kinds including labor. In our view the economic recovery, already in an
anemic state, is in danger of turning down into another recession. With the Fed already having
used up most of its ammunition and stocks still highly valued, the situation ahead is fraught with
danger.

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gesamter Thread:

• Flow of Funds - Artikel (E) - Cosa, 21.09.2002, 17:03
  • Re: Nr. 2 - Households: Another Quarter Older And Deeper In Debt (E) - Cosa, 21.09.2002, 17:14
    • Re: Nr. 3 - The U.S. International Investment Position At Year-End 2001 (E) - Cosa, 21.09.2002, 17:29
    • Re: Nr. 2 - Households: Another Quarter Older And Deeper In Debt (E) Danke!! (owT) - Popeye, 21.09.2002, 17:39