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1. Sales remain soft.
2. The federal deficit spending facilitates the same amount of sales with less credit.
> (email exchange)
> On Sun, Jul 12, 2009 at 9:20 AM, Dave wrote:
> Yet another month where the decline in consumer credit comes in worse than
> expected: Total Credit decline from $2,475 billion to $2,463, with the bulk
> of the $12 billion decline consisting of Revolving Credit reduction, or $10
> billion, to $900 billion. Total consumer credit is now back to July 2007
> levels… and the decline has yet to decelerate. This is the seventh straight
> month of consumer credit declines.