I don’t think most people have any idea how close we are to civil unrest in this country. The tidbits below explain why 20,000 uniformed troops are slated to be stationed on American soil by 2011. http://www.msnbc.msn.com/id/27989275/
This isn’t about the war on terror; this is about social and economic collapse.
“Commercial bank exposure via the total amount of credit card loans outstanding has risen more in the last 10 weeks than it did in the previous 10 months combined. Moreover, the growth in the last 10 weeks — $32.3 billion, or roughly $600 million per shopping day — represents nominal growth of 9.3%, or 48.3% annualized over the last 10 weeks…What consumer spending there is has been fueled in part by credit card: The second-largest merchant-vendor for credit card use is now McDonalds. This suggests that many consumers are in serious distress if they need to get their $4 Big Mac and fries with a credit card.”
“The unemployment rate is currently 6.5%, according to U-3 government figures. The broadest U-6 measure, which includes discouraged and marginally attached workers, is 11.8%. If you’re still discouraged and jobless after 1 year, the government ignores you in its calculation. How convenient. If these workers were to be included, the unemployment rate is currently 16%. When someone tells you our current situation isn’t close to the Great Depression because unemployment was 25% in the 30s, keep this chart in mind. We’ve lost 1.2 million jobs in 10 months. The U-3 rate will reach 9% by late 2009. That would be another 3.6 million job losses. These are the kind of numbers that could lead to social unrest. Our social services system and food banks will be pushed to the breaking point.”
Now, check this out: credit card repudiation by millions of Americans is right around the corner. If people can’t charge their food with credit cards, look out below.
“Credit-card industry may cut $2 trillion lines: analyst”
“The credit card is the second key source of consumer liquidity, the first being jobs, the Oppenheimer & Co analyst noted. “In other words, we expect available consumer liquidity in the form of credit-card lines to decline by 45 percent.”
Closing millions of accounts, cutting credit lines and raising interest rates are just some of the moves credit card issuers are using to try to inoculate themselves from a tsunami of expected consumer defaults.
“Already, we have witnessed the entire mortgage market hit a wall, and we believe it will, for the first time ever, show actual shrinkage over the next few months,” she wrote. The credit card market will be 18 months behind the mortgage market and will begin to shrink by mid-2010, Whitney said.
I have to believe that the tightening of credit card debt and usage will hit a certain part of our population very hard. The people that need the extra money for monthly expenses or to live….
You can default and lose your house, but still live somewhere as a renter. What happens when you cant get money you need to live day-to-day. I think this will have some harsh effects in the not too distant future.
I have to believe that the tightening of credit card debt and usage will hit a certain part of our population very hard. The people that need the extra money for monthly expenses or to live….
You can default and lose your house, but still live somewhere as a renter. What happens when you cant get money you need to live day-to-day. I think this will have some harsh effects in the not too distant future.
I have to believe that the tightening of credit card debt and usage will hit a certain part of our population very hard. The people that need the extra money for monthly expenses or to live….
You can default and lose your house, but still live somewhere as a renter. What happens when you cant get money you need to live day-to-day. I think this will have some harsh effects in the not too distant future.
I have to believe that the tightening of credit card debt and usage will hit a certain part of our population very hard. The people that need the extra money for monthly expenses or to live….
You can default and lose your house, but still live somewhere as a renter. What happens when you cant get money you need to live day-to-day. I think this will have some harsh effects in the not too distant future.
