Join Date: Dec 2003
Two news stories running at the same time
Americans digging out of their debt dilemmas - Business - US business - Bloomberg Businessweek - msnbc.com
Consumers are making remarkable progress in restoring their credit
...The average U.S. credit score — a predictor of the likelihood lenders will be paid back — rose to 696 in May, the highest in at least four years, according to credit reporting bureau Equifax. Delinquencies on consumer loans have dropped 30 percent in two years, according to Federal Reserve data.
...household obligations are at a 17-year low because of increased savings and lower interest rates
Obama: Still pushing for 'big' debt deal - politics - msnbc.com
President Barack Obama said Friday Congress has a "unique opportunity to do something big" and stabilize the economy by cutting deficits even as it raises the national debt limit to avert an unprecedented U.S. default.
...Obama... warning that failure to raise the debt ceiling would mean "effectively a tax increase for everybody."
Do as I say and not as I do. Its bad for you to spend more than you make but its O.K. for the gov't to spend money we don't have.
See Porsche run. Run, Porsche, Run: `87 911 Carrera
|07-15-2011, 10:28 AM||
A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
This has been going on for quite some time. Private debt has been declining while govt debt has been skyrocketing. When the deficit and debt shyte hits the fan it will be like a nuclear war with regards to the economy. Barrack is playing with fire and he doesn't even know it. He still wants to creat social justice by redistributing the wealth as he thinks this is a raich nation that can afford it without consequences. Only thing is we see the consequences of his actions and poicies all aroudn us...SP an Moodys is a breath away from down grading US debt...just wait till that one hits the street...there wiull be a huge sell off in US Tresuries and interest rates will spike. This will make the US debt levels unaffordable as th einteest rates will become prohibitive. Why will there be a sell of one queries.....simply because many of institutions by their charters can not hold debt instruments with less tha a AAA rating...get it?
|07-15-2011, 01:18 PM||