Overall household debt is $9.4 trillion

Discussion in 'Trading' started by harrytrader, Apr 23, 2004.

  1. U.S. National Deficit

    Deficit Increase Total for Friday

    Deficit Increase Total for April


    Overall household debt is $9.4 trillion, of that $6.7 trillion is mortgage debt and $745 billion is credit card debt. Borrowers have little or no savings and the delinquency rates are high at 2.68%. If cardholders miss a single payment, their 3% interest rates immediately jump to 18%, which just about buries them. Another factor is rising interest rates that are just around the corner. Bankruptcies nationally are already at record highs and those seeking credit counseling are becoming an epidemic and rates haven’t even moved up yet. This time the elderly are going to get hit very hard. Try living on $800.00 a month from Social Security when you are in your 80’s with $8,000 in credit card debt. It is not a pretty picture and it will get worse.

    Consumer credit grew $4.2 billion in February or at a 2.5% annual pace to $2.02 trillion. Auto loans were up $2.6 billion and revolving credit and credit cards rose $1.6 billion. They just keep on piling it on.

    The overseers of Fannie Mae and Freddie Mac want them to provide more liquidity in the home-loan market so that homebuyers across the country have access to mortgages and to promote affordable housing and homeownership for lower income Americans. Both agencies are virtually giving away homes to people who have no financial qualifications to own them, and these idiots want them to just give everyone a home. Of course, Fannie and Freddie are overjoyed. They believe because 75% of white Americans own homes every minority and illegal immigrant should also have a home. This is just another redistribution of wealth and an increase in our debt burden. When this thing collapses it will be a nightmare as all these people lose their homes.

    Wal-Mart’s rock bottom wages and benefits cost taxpayers hundreds of millions of dollar a year in basic housing, medical, childcare and energy needs that the retailer fails to properly cover for its employees. More of their employees’ families are on welfare, then any other company in the county. They have created a major burden for the taxpayer. Wal-Mart is also the largest importer of Chinese goods, some 10% of their exports. Fifty-three percent of Wal-Mart’s clothing comes from China. Wal-Mart is America’s largest corporation and is a black stain on our economy.
  2. Ok but usa net worth is 44 trillion dollars,, 13 trillion is in stock market, and 3 trillion in cash so people do have assets along with liabilities. You can see that housing permits are still expanding, surely in whatever area you live you can see people still purchasing new cars,, clothes,, homes,, etc.. Walmart has 1.4 million workers and there ceo got paid 18 million last year. What is your typical wal mart employee,, college kid? House wife seeking to earn extra cash? What are there motives for seeking jobs there. The hours you can work fit your schedule because of kids or other responsibilities?
  3. Dollars that is created with this huge debts, so ... why the dollars will collapse because if you don't know that levitation has never existed in economy like in physics world :D

  4. Thanks for that one, Harry Greenspan.

    That reminds me... I think I am going to go out and charge something.



  5. Sorry my family is PeterPan so call me Harry PeterPan :D

  6. You know the difference between the greenbacks and the fed dollars ? Same ? No it's worst for the future: greenbacks were emitted by gov and so could be just cancelled by the same gov, whereas the fed dollars are debts that belong to the banks and foreign banks and never they will cancel : they will just let people breathe with a rope around their neck ... like they are doing with the IIIrd world currently. Don't worry slavery will probably not for you only for your children or even little children because it take a lot of times to enslave a whole nation.