The U.S. food stamp program now has a record enrollment of over 33.8 million people. (Not to mention unemployment is at 20%)
Unemployment at a 26 year high and the sudden disappearance of easy-money credit, we wonder if this balance sheet restoration is a matter of choice… or if the lowly American consumer is just playing the hand he’s been dealt.
Lenders both here and abroad remain wary of lending, except for high rollers in China.
While U.S. credit tightens, new loans in China more than tripled in the first half of 2009.
The People’s Bank of China reported overnight that lending reached $1.07 trillion by the end of the first half. That’s more than three times bigger than the same period in 2008
… lending doubled from May to June alone.
Chinese auto sales are soaring too, up 36% from this time last year. The Chinese snapped up 1.14 million cars, trucks and busses in June and 6.1 million in the first half, says the China Association of Auto Manufacturers.
Both of those numbers easily top U.S. auto sales.
Haase Comment - Why is the relevant EHS News?
Are you kidding me, China blew by the U.S. in 2006 as the dominate force in both global toxic emissions and cars on the road... while the 'recession' has put the U.S. emissions and cars back to nearly 1990 levels... CHINA is coming on like a toxic freight train burnin nuke, coal and fossil fuels on massive levels NEVER witnessed in the U.S. and emphatically declined accepting reductions suggested by G8 or U.S. advisers.
But I am sure our proposed 'crap and trade' program that cuts global emissions by less than .0001% will show CHINA we are serious as they are.
Read more of - There is NO action without China and India from The Guardian
