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Credit Card Defaults Mounting

Senior Contributor

Credit Card Defaults Mounting

This is stunning, startling, and a bit scary.
 
 
...
credit card companies wrote off 4.58 percent of payments between January and May, up nearly 30 percent from the same period in 2006.
...
the nation's bankruptcy filings jumped 66 percent in the first quarter.
...
U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since 1987
...
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Moderator Emeritus

Re: Credit Card Defaults Mounting



Noah_Bodie wrote:
This is stunning, startling, and a bit scary.
 
 
...
credit card companies wrote off 4.58 percent of payments between January and May, up nearly 30 percent from the same period in 2006.
...
the nation's bankruptcy filings jumped 66 percent in the first quarter.
...
U.S. home prices fell 3.2 percent in the second quarter, the steepest rate of decline since 1987
...


 
 
Is facinating to watch such a great economy fold in on itself.  There was an old saying when the outsourcing mess began that America was beginning to run on an electronic economy.   In other words we produced no goods, just money.  Too bad someone didn't wanr the economists that you couldn't finance an economy on what amounts to a giant pyramid scheme.
 
And oh my how the pyramid is crumbling. Where are those manufacturing jobs again?
 
 
 

Message 2 of 3
Valued Contributor

Re: Credit Card Defaults Mounting

This is why--painful as it will be in the short run--we need a dollar correction. The dollar is substantially overvalued. A dollar decline is the only economically sustainable way to bring manufacturing jobs back to the U.S.
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in a credit-scoring postnuclear Stone Age...
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