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Tue Jan 15, 2013, 09:23 AM

Why U.S. might be ‘a nation of deadbeats’


MarketWatchBy Brett Arends | MarketWatch – 2 hours 44 minutes ago


Tony Mathews / Shutterstock.com

--snip--
A close look at the data reveals a very different story — and one that gets far too little airing in public discourse.
Far from paying our bills, the current generation of Americans — or some of them — have set records for default which probably have no parallel in the history of the human race. During the last five years, U.S. individuals have walked away from a staggering $585 billion in mortgages, credit card debts and other personal loans. That works out at about $6,000 per household.

--snip--


Furthermore, as our chart shows, the majority of that reduction hasn’t come from people paying off their loans, but from banks writing them off.
The total debt reduction from the peak, says the Fed, is $954 billion. Loan write-offs, at $585 billion, account for 60% of that. In other words, for all the chest-thumping about how Americans are repairing their balance sheets and how we aren’t a nation of deadbeats, in the last five years Americans have walked away from $3 in debt for every $2 they’ve paid off.

--snip--

More at the link: http://finance.yahoo.com/news/why-u-might-nation-deadbeats-113026485.html

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Reply Why U.S. might be ‘a nation of deadbeats’ (Original post)
formercia Jan 2013 OP
LisaLynne Jan 2013 #1
Bluenorthwest Jan 2013 #2
ck4829 Jan 2013 #3
Fumesucker Jan 2013 #4
formercia Jan 2013 #5
formercia Jan 2013 #6

Response to formercia (Original post)

Tue Jan 15, 2013, 09:27 AM

1. Right. We're all deadbeats ...

when wages have been stagnant for years, we are going through a horrible financial crisis, jobs have been lost, our worker rights and protections are being attacked at every corner, heath care costs have risen while employers try their best to not cover their workers, predatory lending practices have been given free rein, "too big to fail" corporations continue to suck revenue out of our economy ...

But yeah, it's our fault. We're "deadbeats".

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Response to formercia (Original post)

Tue Jan 15, 2013, 09:42 AM

2. A system that calls usuray 'business as usual' also has no parallel in history.

nt

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Response to formercia (Original post)

Tue Jan 15, 2013, 09:49 AM

3. Bills aren't going to get paid if you don't have money to pay them

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Response to formercia (Original post)

Tue Jan 15, 2013, 09:52 AM

4. Productivity and corporate profits are at an all time high

Meanwhile real wages haven't budged since 1972.


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Response to formercia (Original post)

Tue Jan 15, 2013, 10:42 AM

5. Very Good, but we're not done yet.

Does anyone see the fallacy in any of the arguments and Dollar amounts used as a basis for the Article?

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Response to formercia (Original post)

Wed Jan 16, 2013, 10:27 AM

6. This article is a Bankster Apologist Propaganda pile of Crap

but, then, the trolls drove it off the page so fast, I thought it had been deleted.

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