Wednesday, October 17, 2012

USB Management on Fiscal Cliff

US Bank management thoughts on consumer credit impact of the fiscal cliff, from 3Q Earnings call:

P. W. Parker - Chief Credit Officer and Executive Vice President
Well, if the worst case happened on the fiscal cliff, I think it's fair to say we'd probably reenter a recession. And that would be then you'd see unemployment go up, and that would have an impact on consumer portfolio. I'm hopeful that they come to some kind of resolution, and I think the fiscal cliff was designed in such a way that it's so severe. I think it's unlikely that there won't be some political solution that cuts the middle ground and mitigates that risk.

No comments:

Post a Comment

For compliance reasons, I don't post comments to the site, but I do like hearing from readers and am happy to answer any questions. Feel free to use the comment box to get in touch. Please leave an email address in your comment so that I can write back, or email me directly at Skrisiloff@avondaleam.com.