"In other words, we expect available consumer liquidity in the form of credit-card lines to decline by 45 percent." (emphasis added)

li·quid·i·ty (l-kwd-t)
n.
1. The state of being liquid.
2. The quality of being readily convertible into cash: an investment with high liquidity.
3. Available cash or the capacity to obtain it on demand: a bank that is increasing its liquidity by shortening the average term of its loans.

source: http://www.thefreedictionary.com/liquidity

It would seem to me that it's a matter of cash assets versus liabilities that defines one's liquidity. The snake-oil salesmen just can't give it up; they continue to attempt to equate credit with capital. How can one seriously believe that the ability to throw one's self into more debt by "leveraging" a credit card is any reflection of one's liquid cash assets?

Certainly lending institutions are very interested in one's available assets when a loan is considered, as they have great interest in receiving their usury fees (the principle being secondary as, in reality, they've created the principle out of thin-air and have no tangible risk therein).

Imagine trying to list one's credit card(s) "available credit" as an asset on a loan questionaire and see what kind of decision you'd receive? Yep, they seem to continue to want it both ways: available credit as a form of "liquidity," but not as an asset.

The fiat money, fractional banksers' continuing side-show would be funny if it were not for the tragic mess we presently find ourselves.