100,000 File For Bankruptcy
In October more than 100,000 consumers filed for bankruptcy protection, a 40% increase from the year before. Total filings for the year are on track to exceed 1.1 million, according to Sam Gerdano, the president of the American Bankruptcy Institute.
Exceeding the 1 million benchmark is significant because it was that level of filings that prompted lenders to start lobbying for the bankruptcy changes that went into effect in October 2005.
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The downturn during the 1970s was caused primarily by Richard Nixon’s faulty economic policy. Among other things the imposition of widespread wage and price controls caused the extended recession of the 1970s we refer to today as stagflation. Oil prices played a role but it was the government’s response that truly put the United States over the edge. Unless the Government takes draconian measures like Nixon did to insulate the economy it doesn’t make sense to compare today’s situation to that of the 1970s.
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OK America Business & Politicians…..it’s time for you idiots to get out of the way of those who have real answers to save the economy. You idiots have been in power too long. You don’t know what you’re doing trying to save those stupid banks and mortgage companies. You’ve screw the American public out of their equity in their homes, that which was driving this economy. Threat was the “ATM” of the consumer. Let OBAMA and his team come on the field and shut down that stupid war, and put plans in place to put America back to work.
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If I predict recession every year I will get it right eventually. My understanding of economics is that something either goes up or it goes down. There are 50-50 odds to guess right. Some may guess 60% right but will eventually revert back to the mean. It’s too bad this is a time when the system has been raped for every nickel and dime for the next few years.
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Mark these words, it will be much worse that the ‘73-’75 recession, it will very likely be worse than the Great Depression, but will be a depression, a real depression. A morning’s worth of true, overall. Thoughtful research will convince anyone willing to face the truth.
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Lenin was (sort of) right! He just didn’t know why. The inherent contradictions in a capitalist society will destroy capitalism as you know it! The oppression and greed of banks will lead to massive dislocations in the economy that will force true economic and social revolution in this country through legalized institutions.
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A house is worth no more than what someone is willing to pay you for it. No buyer? Value = $0. House prices have held steady throughout the past 100 years in the US at 3x median income of whatever area you study… because every house you build must be affordable to the workers within the surrounding area.
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Consumer demand will drop. Unemployment will rise. The US will go into a recession at best, a depression at worst. Expect first stagflation (high inflation and high unemployment), both because of the increased price of imports and deliberate pump priming by the Fed, then deflation, as asset prices collapse so hard they take everything else with them. The other likely scenario is stagflation followed by hyperinflation. Formal inflation numbers put out will become not just a joke amongst market-watchers, but amongst the actual population. Same thing with unemployment numbers.
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The Asian economies are not going to “decouple”, they are going to have their own financial crises and recessions. Yes, this includes China.
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It’s sad, really sad, because the people that are losing these homes have names and faces. They could be your brother, your sister, and your parents. Most of the time, we tend to think that the foreclosures are mainly real estate investors or flippers that are just letting their investment properties go back to the bank, but the reality is there are a lot of families living without homes.
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