Americans now have the highest credit-card debt in U.S. history

Then they should have their banks removed from them next time.

 

The FED will never allow it

 

Oh how typical right wing whining. You claim you don't blame Obama, and right after your denial you accuse him. And the way you refuse to acknowledge that the GOP rules congress for quiet some time, to keep on ripping on Obama who hasn't even been in power for 6 months.... If ANYTHING could be done about this, than it should have been done already with the political party that is in full control. That party is the GOP. But you lot fail!

 

Don't expect me to engage in some big defense of anything having to do with the GOP. True, I was a member of the Republican Party for well over forty years, until just a few weeks ago, actually, but now I've changed my Colorado registration to "UNAFFILIATED". I simply came to the point where I realized it was stupid and useless to "carry water" for a bunch of rotten, cowardly, self-serving RINO's any longer. But that doesn't lessen my utter contempt for what the rabid, radical wing of the Democrat Party has become during the past twenty years.

Back to debt.... Surely we can at least agree that DEBT IS SLAVERY! We are repeating ALL of the same mistakes that Americans made before the "Great Recession", while continuing the same unfair, self-destructive policies that have encouraged more and more reckless stock market speculation while wallowing ever deeper in DEBT. And the main engine for the accumulation of DEBT is artificially suppressed interest rates when there is enormous demand for money (as clearly evidenced in the staggering debt figures themselves).

This isn't a "Republican" or a "Democrat" thing, per se -- it's a FEDERAL RESERVE central bank thing! BUT (and you knew there would be a but...), it was liberal Democrats who put this monstrous, unconstitutional central bank into existence in the first place. But I curse both major political parties for not getting rid of the damned thing when Nixon took the country off the Gold Standard in the early 1970's.

Today, and for the last ten years especially, the Fed manipulates and totally controls the U. S. economy, and its international partners-in-crime, like the European Central Bank, the Bank of England, the Bank of Japan, etc., do the same thing to other major countries in the world.

 

For a short period of time slavery ended, then Democrats “U.S. Reps. Carolyn Maloney, D-NY, and Louise Slaughter, D-NY,” rejected this FED ruling:

“The Federal Reserve's rule told credit card companies that they no longer can consider household income when assessing the creditworthiness of an individual who applies for his or her own card. Under the rule, only an individual's own salary or other income -- rather than combined household income -- can be considered.”
Read more: http://www.creditcards.com/credit-c...cards-household-income-1282.php#ixzz3WiwAm9JK

What happens to debt when China prevents runaway Global Warming in response to the Trumpet sounding after the failure of Obamanation containment policy in North Korea?
http://www.businessinsider.com/nuclear-explosions-earth-atmosphere-temperature-2017-8

Hordes of Glow in the Dark Zombie debt collectors? Reminds me of Jericho’s Mimi ( http://jericho.wikia.com/wiki/Mimi_Clark ), if we could be so lucky.


Might as well start looking on the positive side of all this.

 

I know right? I hate it when i wake up in the morning to find the bank has made me responsible for other peoples debts.

 

You make several good points, but remember that it is not (NOT) the right of the Fed to decide who should have which lines of credit, or for how much money! Who the hell are they to be making those decisions? It should be up to the credit card companies entirely -- and if they get into severe financial trouble because people don't pay their bills, then TOO BAD! No "rescues" anymore, for ANYBODY, and no more of this "too-big-to-fail" bullshit, either! Simply put, there is no (NO) legitimate need for a "central bank" in the United States, and the Federal Reserve system should have been declared by the Supreme Court to be illegal and unconstitutional as soon as liberal Democrats created it!

Nuclear war is a different subject altogether, but I'll observe that the sooner we take thermonuclear hydrogen weapons and ICBM's completely out of the hands of pathologically insane creatures like Kim Jong-un AND the Islamo-nazi theocracy that runs Iran, the better! Nothing is gained or made safer or more secure by waiting!

 

As I recall it was a young communuty organizer lawyer Barack Obama who led a lawsuit to force lenders to lend to those they would not have otherwise.

 

Sounds like the left blaming Bush when the Democrats were in charge?

 

It still is the GOP who is holding on to all the cards to be able to change that. Obama never had that.

 

The great recession was not caused by credit card debt or in fact by the overall debt level. It was caused by bad home loans caused by the development of securities based on those loans allowing the risk to be absorbed by others than those who originated the loans. In fact it became highly profitable to originate the loans, securitize them and then sell the securities. And part of the blame also goes to the rating agencies who incorrectly evaluated the risks of the securities.

That by the way is not to excuse those who accepted the loans knowing that they didn't really qualify. But there were people who made a lot of money getting bad loans if they were smart enough to get out of the housing market before the music stopped.

 

Oh, nonsense! Obama had absolute power, with solid Democrat majorities right after he was elected the first time. And, after the American people were STOOPID enough to re-elect him in 2012, he decided simply to rule us by "executive" proclamation and decree, with his now-infamous "pen-and-phone". But, worst of all -- the cowardly, rotten RINO's let this petty-autocrat get completely away with all of it because they were scared sh*tless of of being called "racists".

But, back on topic, even though you insist on trying to make this some kind of "Republican Congress" thing, the TRUTH is that nobody gets a person into debt but himself!

Sure, it may be brain-dead idiocy to sign up to buy something like a damned car, paying on it for SEVEN YEARS, but, now after being dumbed-down in public schools for almost 40 years, there's no depth of stupidity that most Americans won't stoop to.... Worse, they'll buy things like $700 "smart" phones, and simply make payments every month, year after year, with no expectation of ever finally paying the thing off -- they'll just "trade" it in for something with more hooptie features in a year or so.

And I wouldn't care in the slightest, except that when so MANY people are this irresponsible and STOOPID, it affects the entire economy and causes huge dysfunctions and disruptions. If they want to chain themselves to unending debt and financial catastrophe, that's fine with me, but I want to be left OUT of it.... And that means getting rid of the Federal Reserve, because, like drug dealers, the Fed is the one providing the poison that gulls the mindless American 'cattle' into borrowing more money than they can ever reliably pay back....

 

Or now. Too Big Too Fail is Too Big To Exist.

 

TBTF really means too big to stop giving me political contributions, too big of a job on wall street to pass up when I leave office

 

The reason everything costs so much, debt based consumerism, which the FED is hell bent on resurrecting.

Taking out loans you can't repay doesn't only hurt the debtor, it hurts responsible people who are forced to pay the higher prices.

So now the responsible people are stuck with overpriced homes, cars, etc., ..and they had to bail out the bankers too.

 

Who lent to the big banks who leveraged up to hundreds of trillion$ worth of crap CDOs and Swaps? Each other. Who made them do that?

Much less than a trillion in mortgage loans that went bad. Hundreds of trillions in derivatives that imploded.

One was bad, the other was much worse.

 

When reading the PDF’s of the FED discussion on this DTI, they wanted around forty something percent, but said the law would not allow them to go that low:

"Fed to discuss max 50% debt-to-income ratio for borrowers, prohibition on 'stated-income' loans to subprime borrowers, and other new rules" (May 29th, 2007, 3:38 pm) http://mortgage.freedomblogging.com/2007/05/29/fed-to-discuss-max-50-debt-to-income-ratio-for-borrowers-prohibition-on-stated-income-loans-to-subprime-borrowers-and-other-new-rules/

That was front ratio, not back ratio:

36% or less: This is a healthy debt load to carry for most people.
37%-42%: Not bad, but start paring debt now before you get in real trouble.
43%-49%: Financial difficulties are probably imminent unless you take immediate action.
50% or more: Get professional help to aggressively reduce debt.
Source: Gerri Detweiler, author of The Ultimate Credit Handbook"
http://www.usnews.com/usnews/biztech/tools/modebtratio.htm

If we are expected to bail out Onassis, the FED should regulate the shipbuilding. The problem is, if you don’t stop predatory vampire sharks feeding on clueless husbands for je…usurer…shark/tornados, we can’t guarantee they won’t vote for the next Obamanation of Desolation and suck the life out of you in Social and Economic Justice. Certainly, any new entitlement will always survive by the skin of their RINO turkey necks.

This 2004 Democratic Platform statement makes no real sense:

"Average family debt is higher than ever. And as they lose the struggle to make ends meet, one out of every seven middle class families may be bankrupt by the end of the decade...over time, fiscal discipline saves families thousands of dollars on their mortgages and credit cards.”

Federal government fiscal discipline, or that surplus we were scheduled to have before the Bush tax cuts, only makes a bailout easier, it does not stop irresponsible debt, stupidity, irrational exuberance, or predatory lending and slavery to vampire je…usurers in the attic on the invite of one.

All I ever asked for was knowledge and consent, before je…usurer vampires established a blood bank in my attic on the invite of one spouse, I was denied that by all existing political party representatives from Feeney to the current ****ing vampire je…usurer lover.

The last time I had $30,000 worth of debt I had no knowledge or consent to I did anger management for threating to gut their lawyer like a fish; give spouses the right to gut vampire je…usurers like fish, or regulate, or accept the curse of the 1000 years of Obamanation of Desolation following the sounding of this Trumpet.

 

The GOP had a majority in the house of rep for like 6 years in a row. And now they got everything, it seems we got 2 groups within the GOP working against each other with a GOP president going at it like a drunken loose canon. And here you are kidding yourself, and blaming Obama.

 

Thanks for showing how you have no idea what I'm talking about.

 

They did, theirs.
Have you been asleep since 2008?

 

it was a good nap.

I seem to recall (or perhaps i dreamed it) it was the government who passed the buck to the people. Course a case could be made the banks are the government in which case you have a point.

 

You're welcome

 

The gov is the enforcement arm of TBTF banks. They make fortunes on the boom and the gov makes sure we bear their costs on the bust

 

I actually think it's harder to be irresponsible with money. You have to go out of your way to avoid stockpiling the stuff, and the consequences are hard work.

I suspect that some of those who refuse to hang on to their money are doing so because they don't want the responsibility of having it.

 

wait ... a pack of smokes a day is $150 per month? don't you mean per week? at $20 a pack ...

meantime, I know people who put away a bottle of good wine a day (between 2). as in, minimum $15-$20 a bottle.