U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-31-2012, 09:00 AM
 
17,751 posts, read 15,637,549 times
Reputation: 6391

Advertisements

Household Debt and Credit Report - Federal Reserve Bank of New York
Aggregate consumer debt fell by $53 billion in the second quarter, continuing the downward trend in household debt in place since the peak in the third quarter of 2008. [LEFT]Percent of Balance 90+ Days DelinquentMortgageHE RevolvingAuto LoanCredit CardStudent LoanOther03:Q104:Q105:Q106:Q107:Q108:Q109:Q110:Q11 1:Q112:Q10%2.5%5%7.5%10%12.5%15%Source: FRBNY Consumer Credit Panel/Equifax[/LEFT]


Overall, delinquencies improved in 2012Q2. As of June 30, 9.0% of outstanding debt was in some stage of delinquency, compared with 9.3% at the end of 2012Q1. However, 90+ day delinquency rates remain high compared with pre-crisis levels, and variation exists by loan type. Much improvement can be seen in the delinquency rates of mortgages and credit cards, while HELOCs and student loan delinquency rates have worsened.




Will deleverage another $3,500 myself this month. That should help. Too bad its what we use as money. Better do it before they try and balance the budget.

The Associated Press: FACT CHECK: Romney's deficit vow lacks specifics


THE FACTS: Romney has promised to cut $500 billion per year from the federal budget by 2016 to bring spending below 20 percent of the U.S. economy, and to balance it entirely by 2020.

That's interesting. What do we plan to use as money after extinguishing it?


Why can't people figure out such a simple concept and realize the mathematical impossibility? Your debt is your money.
Reply With Quote Quick reply to this message

 
Old 09-01-2012, 08:47 AM
 
Location: Great State of Texas
86,093 posts, read 72,460,873 times
Reputation: 27565
Quote:
Originally Posted by gwynedd1 View Post
Household Debt and Credit Report - Federal Reserve Bank of New York
Aggregate consumer debt fell by $53 billion in the second quarter, continuing the downward trend in household debt in place since the peak in the third quarter of 2008. [LEFT]Percent of Balance 90+ Days DelinquentMortgageHE RevolvingAuto LoanCredit CardStudent LoanOther03:Q104:Q105:Q106:Q107:Q108:Q109:Q110:Q11 1:Q112:Q10%2.5%5%7.5%10%12.5%15%Source: FRBNY Consumer Credit Panel/Equifax[/LEFT]


Overall, delinquencies improved in 2012Q2. As of June 30, 9.0% of outstanding debt was in some stage of delinquency, compared with 9.3% at the end of 2012Q1. However, 90+ day delinquency rates remain high compared with pre-crisis levels, and variation exists by loan type. Much improvement can be seen in the delinquency rates of mortgages and credit cards, while HELOCs and student loan delinquency rates have worsened.




Will deleverage another $3,500 myself this month. That should help. Too bad its what we use as money. Better do it before they try and balance the budget.

The Associated Press: FACT CHECK: Romney's deficit vow lacks specifics

THE FACTS: Romney has promised to cut $500 billion per year from the federal budget by 2016 to bring spending below 20 percent of the U.S. economy, and to balance it entirely by 2020.

That's interesting. What do we plan to use as money after extinguishing it?


Why can't people figure out such a simple concept and realize the mathematical impossibility? Your debt is your money.
Your debt is someone else's money that you borrowed and have to pay back with interest.
Consumer debt falling is good for the consumer; the interest they would have paid to the banks gets to stay in their pockets.
Reply With Quote Quick reply to this message
 
Old 09-01-2012, 05:30 PM
 
5,090 posts, read 9,843,897 times
Reputation: 3955
Back towards the start . . .

Sort of comical that this is pretending to be consumer debt paid down.

Much of it is simply debt which is defaulted.

But with a happy, happy, smile-time spin.

=======

but overall -- gwynedd1 is severely correct. R and Tea Party tries to hit the brakes, now -- the whole bus will go over the cliff.

Easy way out is just replace the Debt Money with Zero Interest Debt Free .Gov money . . . but that would kill the banks. So instead of that -- they will kill US.
Reply With Quote Quick reply to this message
 
Old 09-04-2012, 12:19 AM
 
Location: 3rd Rock fts
747 posts, read 966,438 times
Reputation: 304
Default Don’t worry be happy

Quote:
Originally Posted by article/report2012
• About 256,000 individuals had a new foreclosure notation added to their credit reports between March 31 and June 30, a slowdown of 12% since the first quarter and the lowest number seen since mid-2007.
This is still a lot of foreclosure notations considering that we are 5 years into this mess, not to mention the backlog/manipulative slow release of “data” that’s now common knowledge.


Quote:
Originally Posted by article/report2012
… 3 As explained in a recent blog post, these delinquency rates for student loans are likely to understate actual delinquency rates because almost half of these loans are currently in deferment, in grace period, or in forbearance and therefore temporarily not in the repayment cycle. This implies that among loans in there payment cycle delinquency rates are roughly twice as high.
More admitted Prozac /fuzzy “data” in the name of helping mankind deal with reality.

This is NOT good news! If you read between the lines, you'll see that a new breed of people are emerging, which seems to be counting on the US Gov’t/Taxpayer to forgive/pay off their chronically delinquent mortgages & student loans; all while the Banksters collect their monthly credit card payments!

Why don’t these spin doctor, quasi-Keynesians just admit that they pushed the Economy to the point of no return & stop beating a dead horse already!? This embracing of moral hazard is desperate economics.
Reply With Quote Quick reply to this message
 
Old 09-04-2012, 02:33 PM
 
73 posts, read 64,392 times
Reputation: 32
Quote:
Originally Posted by gwynedd1 View Post
That's interesting. What do we plan to use as money after extinguishing it?
Coins?

Here is a thought experiment that tends to illustrate the problem.

In a really small economy you have two players one is the owner and the other is the worker.

The worker makes a product that the worker consumes and the owner doesn't.

How does the owner make a profit?

Answer; the worker needs to get financing for the purchase of the item consumed, at least for the profit margin.

That is why we live on an exponential debt curve.

Conventional wisdom is that we need the dollar value of debt to be going up to keep the banks from failing. This is measured in terms of total debt. US national debt plus personal debt plus corporate debt. The total debt as % of GDP can be dropping as the economy can be inflated faster the amount of debt, if you are careful, as the amount in dollar terms goes up with a growing economy.

You need units of exchange. You don't need more T-bill next year than this year. You can pay down the number of T-bills with taxes collected. Cutting Government spending isn't the way to go. Cutting the demand for Government spending is. If you up the pay for minimum wage above the payout for entitlements and then increase the demand for labor then you will cut government spending. You will also expand the tax base and if you don't expand government spending then you can painlessly balance the budget. Keep it up and you can pay off the national debt all it takes is minting coins and handing them out to everyone as you raise the minimum wage. You can keep from having hyperinflation by increasing the reserve requirement that the banks have by the amount of new coins printed. This way the banks pay the inflation tax.

Hmm. This makes too much cents to actually do.
Reply With Quote Quick reply to this message
 
Old 09-04-2012, 02:37 PM
 
73 posts, read 64,392 times
Reputation: 32
Quote:
Originally Posted by Philip T View Post
Back towards the start . . .


Easy way out is just replace the Debt Money with Zero Interest Debt Free .Gov money . . . but that would kill the banks. So instead of that -- they will kill US.
The banks don't get that if they inflate away the value of their assets then they survive if they don't then they fail. WE heed wage inflation in the worst possible way.
Reply With Quote Quick reply to this message
 
Old 09-05-2012, 02:17 PM
 
Location: 3rd Rock fts
747 posts, read 966,438 times
Reputation: 304
Quote:
Originally Posted by Frank Shoemaker
…If you up the pay for minimum wage above the payout for entitlements and then increase the demand for labor then you will cut government spending. You will also expand the tax base and if you don't expand government spending then you can painlessly balance the budget.
That may work for a while, but it won’t be long before the minimum wager earners start trudging back to Payday loans again IMO.

As for expanding the tax base: In the aggregate the last 10 years (Bush tax cuts/other) have shown that any tax benefit to the citizenry will be diverted/pounced on by the financial apparatus.
Reply With Quote Quick reply to this message
 
Old 09-05-2012, 02:25 PM
 
Location: Los Angeles area
14,018 posts, read 17,723,738 times
Reputation: 32304
Quote:
Originally Posted by gwynedd1 View Post
Your debt is your money.
Not in my case. I have no debt - not one cent's worth. But I have money, of which I spend some every month. I also have income, slightly greater than what I spend each month. I'm glad you told me I have no money - foolish me for believing that I do.
Reply With Quote Quick reply to this message
 
Old 09-05-2012, 05:07 PM
 
71,463 posts, read 71,629,249 times
Reputation: 49027
We too have not one cent of debt.
Reply With Quote Quick reply to this message
 
Old 09-05-2012, 07:27 PM
 
17,751 posts, read 15,637,549 times
Reputation: 6391
Quote:
Originally Posted by mathjak107 View Post
We too have not one cent of debt.

Then you own someone else's debt which is borrowed public debt(yours) from a bank. Money is a debt pyramid of da guberment debt which is loaned out and recycled in fractional reserves aka velocity.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top