[Pesqueeb]

Hope our d*cks are longer than our memories.

There was a 0.8 percent rise in personal spending in February from January........But personal income rose just 0.2 percent.
http://www.npr.org/blogs/thetwo-way/2012/03/30/149678468/consumer-spending-jumped-up-in-february-incomes-rose-just-a-little

With consumption outpacing income, the saving rate dropped to 3.7 percent, the lowest rate since August 2009.
http://www.reuters.com/article/2012/03/30/us-personal-spending-idUSBRE82T0LU20120330

 

[KavuRider]

Doubtful...

 

[jonKranked]

my personal savings are up. TAKE THAT ECONOMY!

 

[$tinkle]

this behavior makes sense: when *any* amount of increased revenue stream happens, it justifies a whole host of either renewed or deferred spending, i.e., CC charges.

how can anyone be shocked, really.

but i also wonder if a numbers game is being played b/c the new 'charges' are actually using christmas gift cards, gift returns, or other 'zero-sum capital'

 

[Pesqueeb]

Speaking of short term memory:

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon said the firm suffered a $2 billion trading loss after an “egregious” failure in a unit managing risks, jeopardizing Wall Street banks’ efforts to loosen a federal ban on bets with their own money.
http://www.bloomberg.com/news/2012-05-11/jpmorgan-loses-2-billion-as-mistakes-trounce-hedges.html

A month ago we warned that JPM's CIO office is nothing short of the world's largest prop trading desk. Not only were we right, but what just transpired is just shy of our worst possible prediction. At the end of the day, the real question is why did JPM put in so much money at risk in a prop trade because we can dispense with the bull**** that his was a hedge, right? Simple: because it knew with 100% certainty that if things turn out very, very badly, that the taxpayer, via the Fed, would come to its rescue. Luckily, things turned out only 80% bad. Although it is not over yet: if credit spreads soar, assuming at $200 million DV01, and a 100 bps move, JPM could suffer a $20 billion loss when all is said and done. But hey: at least "net" is not "gross" and we know, just know, that the SEC will get involved and make sure something like this never happens again.
http://www.zerohedge.com/news/worlds-largest-prop-trading-desk-just-went-bust