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"It’s A Cash-Flow Problem": The Ever Broker US Consumer Increasingly Relying On Credit Cards For Daily Staples

Tyler Durden's picture





 

Somehow, in all the confusion, the endangered species known as the American "consumer" missed the economic recovery. The reason, as Bloomberg writes, is that consumers are increasingly "using credit cards to pay for basic necessities as income gains fail to keep pace with rising food and fuel prices." The data comes from credit card transaction processor First Data which reported that the dollar volume of charged purchases rose 10.7% in June (a 6.8% increase in the number of transactions). "The difference probably represents the increasing cost of gasoline, said Silvio Tavares, senior vice president at First Data, the largest credit card processor. "Consumers, particularly in the lower-income end, are being forced to use their credit cards for everyday spending like gas and food,” said Tavares, who’s based in Atlanta. “That’s because there’s been no other positive catalyst, like an increase in wages, to offset higher prices. It’s a cash-flow problem." Alas, it gets worse. As Bank of America's Joshua Dennerlein
reports today, the end of the year will see 3.7 million Americans stop
receiving jobless benefits. "This will act as a hit to consumption in
the first quarter of 2012." This number is completely independent of any
possible new legislation to extended jobless benefits for new
unemployed labor pool entrants, as it merely affects those about to hit
the 99 week cliff. Unfortunately even more "growth" over the next 6-9
months will have to come from the Fed and the only thing it knows how to
do: print, print, print.

And while this is not good news to the 44 million Americans on foodstamps, or the ever greater number of Americans who not only can not live paycheck to paychek but have to borrow from the future to fund today's staples purchases, knowing full well they can at best pay the minimum monthly amount but never the total due (just like the US government), at least the velocity of money should be rising due to the increased use of leverage by the middle class. Just as the Fed wanted. 

Rising costs of food and gasoline are leaving Americans less money to spend discretionary items, slowing the pace of the recovery, Tavares said. Household spending accounts for about 70 percent of the world’s largest economy.

The swings in purchases of fuel and food have been “dramatic,” Tavares said. The volume of gasoline purchases placed on credit cards jumped 39 percent last month from a year earlier, compared with a 21 percent increase in June 2010, he said. Food shopping increased 5 percent after falling 7 percent last year.

The value of an average transaction on credit cards outpaced the gain for debit cards, showing consumers are increasingly relying on borrowing to pay for gasoline and other necessities, Tavares said.

Who says moral hazard is limited to the kleptocratic oligarchy. It has now shifted to Joe Sixpack. Oh yes: look for all those bank reported credit card delinquency terms to soar in a month or two, assuming they actually reporting anything close to reality, instead of, like Bank of America, lying outright about everything).

The use of credit cards is a “smoking gun” that indicates some consumers, including the long-term unemployed who have lost jobless benefits, are resorting to other sources of cash flow just to “get by,” said David Rosenberg, chief economist at Gluskin Sheff & Associates Inc. in Toronto.

“People on the margin are putting necessities on their credit cards and this is a trend that’s very consistent with what lower-end retailers have been saying about their paycheck cycles,” Rosenberg said.

The impact is especially difficult on discount retail stores like Wal Mart and Family Dollar:

Core customers of Bentonville, Arkansas-based Wal-Mart Stores Inc. (WMT) are “cash strapped,” William Simon, U.S. stores chief, said at a June 15 conference hosted by William Blair & Co. “The paycheck cycle is severe.”

Similarly, customers of Matthews, North Carolina-based Family Dollar Stores Inc. (FDO) are living “paycheck-to-paycheck,” so when gas or food prices go up, “they don’t have the cushion that many others might have,” Chairman and Chief Executive Howard Levine said on a June 29 conference call.

There may be a silver lining:

A possible bright spot is that inflation may moderate as prices of commodities stabilize, Fed Chairman Ben S. Bernanke said July 13 in his semi-annual testimony to Congress. As of July 19, the average price of a gallon of unleaded gas had dropped 7.6 percent from May 4, when it reached an almost three- year high.

Perhaps. However, with Europe launching indirect QE via its own version of QE-cum-TARP earlier today, we predict that the only direction for all commodities going forward (ignore any short-term blips coming out of Congress-based newsflow), will be up.

And now for the really bad news from Bank of America:

Labor market slack remains high. The number of unemployed workers collecting unemployment insurance benefits through their state funded programs fell by 50,000 to 3.698 million. Meanwhile the number of unemployed workers collecting benefits from the federally funded programs declined by 133,000 to 3.698 million. Overall, there are more than 7.3 million unemployed workers relying on unemployment insurance checks for financial support. At the end of this year the federally funded benefits are set to expire so 3.698 million consumers will lose their weekly benefit checks. This will act as a hit to consumption in the first quarter of 2012.

Prepare for the hockey stick economic growth predictions to be brutalized over the next few months as more and more realize that H1 of 2012 is going to be the ugliest period since the beginning of the depression. It also means that the Fed will have no choice but to further devalue the dollar. What that means for various asset classes should be all too clear by now.

 


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Thu, 07/21/2011 - 13:52 | Link to Comment trav7777
trav7777's picture

Broke, bitchez

Thu, 07/21/2011 - 14:04 | Link to Comment Ahmeexnal
Ahmeexnal's picture

When the price of gold stabilizes at one trillion soetorobucks per ounce, will inflation moderate?

 

Cash Flow problem? Seems to me it's more of a Cow Flash problem.

Thu, 07/21/2011 - 14:16 | Link to Comment wsmith
wsmith's picture

Gold, gold, gold!

What you really need is a heated shack, a case of pork and beans, and a Becky Quick blow-up doll.

Welcome to the new normal.

Anyway, so long.

And God bless all you Marxist cocksuckers.

http://geraldcelente.proboards.com

Thu, 07/21/2011 - 14:41 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Did they have credit cards during the great depression?

Thu, 07/21/2011 - 15:20 | Link to Comment LongBalls
LongBalls's picture

America will default on it's debt. Unfortunatley a countries default starts at the kitchen table.

Thu, 07/21/2011 - 16:55 | Link to Comment RockyRacoon
Thu, 07/21/2011 - 16:47 | Link to Comment Bob
Bob's picture

Now this crazy shit has passed that inflection point to funny!  Fuck you, too, wsmith!

Oh, yeah: you cheap gold-fucking whore!

Thu, 07/21/2011 - 14:12 | Link to Comment carbonmutant
carbonmutant's picture

Buy now, Pay later...

Thu, 07/21/2011 - 14:21 | Link to Comment Doyle Hargraves
Doyle Hargraves's picture

you mean default later!

Thu, 07/21/2011 - 14:29 | Link to Comment Oh regional Indian
Oh regional Indian's picture

I also met many buy now, hope never to pay through bankruptcy, too.

ORI

Thu, 07/21/2011 - 14:38 | Link to Comment Popo
Popo's picture

Deflation, bitches.

Sun, 07/24/2011 - 12:45 | Link to Comment Taint Boil
Taint Boil's picture

A little something for the banks:

 

 

…………../´¯/)……….. (\¯`\
…………/….//……….. …\\….\
………../….//………… ….\\….\
…../´¯/…./´¯\………../¯ `\….\¯`\
.././…/…./…./.|_……_| .\….\….\…\.\..
(.(….(….(…./.)..)..(..(. \….)….)….).)
.\…………….\/…/….\. ..\/……………./
..\…………….. /……..\………………/
….\…………..(………. ..)……………./
……\………….\……… ../…………./

 

Thu, 07/21/2011 - 13:54 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Gold is the currency of Kings.

Silver is the currency of gentlemen.

Barter is the currency of peasants.

Debt is the currency of slaves.

 

Debt is on the rise again. Bernanke is succeeding.

 

Bullish!

Thu, 07/21/2011 - 14:11 | Link to Comment Stoploss
Stoploss's picture

Liking the ads on the main page. I detect a hidden message there.

Thu, 07/21/2011 - 14:32 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Bullets is the currency of uprising.

Thu, 07/21/2011 - 19:39 | Link to Comment Founders Keeper
Founders Keeper's picture

[Gold is the currency of Kings.

Silver is the currency...]---TruthInSunshine

You could post this message every week for a year and it would never lose impact.  Thank you.

(I think of "silver" as the currency of merchants.) 

Every free individual can be the King of his/her home and a Merchant of their community. Gold & Silver = freedom.

 

Thu, 07/21/2011 - 13:55 | Link to Comment Archimedes
Archimedes's picture

I don't have a PHD but I think we may be in trouble..........

Thu, 07/21/2011 - 14:32 | Link to Comment Cole Younger
Cole Younger's picture

Yep...but the PHD's don't think we are in trouble...Keynesian economics and all

Thu, 07/21/2011 - 14:32 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Terrnace mcKenna had a pHD in plantology and he called it cycles ago.

ORI

http://aadivaahan.wordpress.com/2011/03/11/axis-trembles/

Thu, 07/21/2011 - 13:56 | Link to Comment cougar_w
cougar_w's picture

I don't think Joe 6P can be accused of moral hazard in the case of using his CC to buy food, and then bailing on his payments.

It's called being broke.

Sounds a little different, doesn't it?

Thu, 07/21/2011 - 14:08 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

I don't think Joe 6P can be accused of moral hazard in the case of using his CC to buy food, and then bailing on his payments.

When you consider that the alternative might very well be resorting to burglary and/or robbery in order to buy food, the case can be made that running up a credit card and then bailing is exercising sound judgement. Burglary and robbery are crimes against other members of the community. Stiffing the big banks on credit card debt is more like reclaiming some of your blood from a leech.

 

Thu, 07/21/2011 - 14:19 | Link to Comment cougar_w
cougar_w's picture

Shemp was always my favorite stooge.

Thu, 07/21/2011 - 16:47 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

Shemp-- the forgotten Stooge.

Thu, 07/21/2011 - 14:10 | Link to Comment carbonmutant
carbonmutant's picture

Especially since this is the standard being set by the current administration...

Thu, 07/21/2011 - 14:24 | Link to Comment FEDbuster
FEDbuster's picture

Let's not forget all the 99ers rolling off the unemployment dole that are chronically unemployed.

Perhaps the banksters will raise the debt ceilings of every American with a credit card?  Give me a couple cards with $1 mil. limits, and I can roll it to the end with 0% transfers.  "The more debt you have, the wealthier you are" Congressman Pete Stark (D. CA).

Thu, 07/21/2011 - 15:05 | Link to Comment 1100-TACTICAL-12
1100-TACTICAL-12's picture

Use'em up & tell the bankers to F-off. The globalist have gutted this country. There is not one damn thing going to get better, our economy has been offshored, and the talking heads just beat around the bush & never get to the root of the problem.

Thu, 07/21/2011 - 14:00 | Link to Comment sitenine
sitenine's picture

This takes me back to 2008, when The Bernank quaintly opined that, "it's not about liquidity, it's about access to credit."

Well, when one lacks the liquidity to pay back the credit, it's a FUCKING LIQUIDITY PROBLEM Ben!!!

Why does this man still have a job!?

Thu, 07/21/2011 - 14:02 | Link to Comment Ahmeexnal
Ahmeexnal's picture

nobody else wants that job

Thu, 07/21/2011 - 14:23 | Link to Comment ZackLo
ZackLo's picture

I'll take it fed funds 25% and discount window closed, and I'll put out a call to congress that we need a cleanup stimulus on wallstreet from all the millionaires jumping out of windows look out below bitchez 911 banker edition!

Thu, 07/21/2011 - 14:26 | Link to Comment FEDbuster
Thu, 07/21/2011 - 14:03 | Link to Comment Bear
Bear's picture

Simple ... The ones who is looking out for are doing great

Thu, 07/21/2011 - 14:09 | Link to Comment Ag Star
Ag Star's picture

Because Americans are too weenie to take him down, and his puppet-masters.

Thu, 07/21/2011 - 14:37 | Link to Comment NOTaREALmerican
NOTaREALmerican's picture

Re: Why does this man still have a job!?

 

Either because:

1)  He's a sociopath working for the Kleptocracy.

or

2)  He's a true believer in the same economic religion that brought the US unlimited prosperity for 50+ years.   

 

It's tough to kick the infinite debt and central-planning habit when it worked for so long and made so many people rich.    What we need is another Big-MIC to bring us 50+ years of more infinite prosperity.   Where are the leaders of the great and glorious nation when we need them to spend our way to prosperity?  

Thu, 07/21/2011 - 14:01 | Link to Comment azengrcat
azengrcat's picture

It is called leadership.  If Uncle Sam spends more than they earn (steal) so can I!

Thu, 07/21/2011 - 14:02 | Link to Comment Robslob
Robslob's picture

Unfortunately even more "growth" over the next 6-9 months will have to come from the Fed and the only thing it knows how to do: print, print, print.

 

I must say print, print, print seems to be working...for gold.

Thu, 07/21/2011 - 14:06 | Link to Comment Biggvs
Biggvs's picture

Or folks just increasingly pay for groceries and gas by credit card for the 3-6% cash rebate programs, like me. Or the simple convenience. Who wants to pay by cash or check?

Thu, 07/21/2011 - 14:16 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

your question brings to mind a spectrum of possibilities.

Thu, 07/21/2011 - 14:51 | Link to Comment francis_sawyer
francis_sawyer's picture

Yeah... If they were smart &/or not broke, they wouln't be using the CC's to buy food & groceries, they' be buying gold with it (& getting cash back to buy groceries)...

Thu, 07/21/2011 - 14:19 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

I try to pay with Federal Reserve Notes everywhere I go.  No reason to help those banks increase the money supply with their "poof" money.  I also like to ask the cashiers if they take Federal Reserve Notes as well.  Pissing in the wind, I know; but every once and a while a cashier will get exactly what I am talking about.

Thu, 07/21/2011 - 14:35 | Link to Comment FEDbuster
FEDbuster's picture

Just don't confuse them too much, and try to pay with lawful money.

http://www.youtube.com/watch?v=Ef0VG1WEP10

or

http://www.youtube.com/watch?v=NQB8AvVvgr0

Fri, 07/22/2011 - 00:51 | Link to Comment TruthInSunshine
TruthInSunshine's picture

I put a small sticker bearing Bernanke's face over the face of whatever former president is on my paper fiat. For example, on my hundreds, Jackson's face is covered with Bernanke's face.

I also cross out 'In God We Trust,' and write over that the words 'In Avarice & With Lust.'

I happen to put an asterisk by the phrase 'Federal Reserve Note' and add the language "via Federal Reserve Bank, private corporation."

Finally, I have a rubber stamp that I use on each paper fiatski, that imprints in bold letters the phrase "This IOU is not securitized by any tangible thing of value. Good luck."

Oh, one last thing: I also stamp each fiatski with a stamp that says "If you are not the lawful owner of this note, please return it to: 1 King William Street, London, England, EC4N 7AR."

         
Thu, 07/21/2011 - 14:57 | Link to Comment -Michelle-
-Michelle-'s picture

Well, we were using our debit card more in order to get cash rebates, but I just got notice that's on it's way out.

A new federal law will significantly reduce the revenue banks receive from merchants when consumers pay with a debit card. USAA Bank has always returned the majority of this revenue to its members in the form of benefits, such as free checking, ATM fee refunds and debit rewards.

 

As a result of the law, USAA Bank will end its debit card rewards program Sept. 1. Unlike other banks responding to the new law, USAA Bank is not adding fees or eliminating the benefits that members value most, including free checking and ATM fee refunds.

Thu, 07/21/2011 - 16:50 | Link to Comment Pants McPants
Pants McPants's picture

Good to know, Thanks Michelle.  I use the USAA total rewards CC instead of the debit card; as far as I know there are no plans to eliminate that rewards program....yet.

Thu, 07/21/2011 - 15:20 | Link to Comment Saxxon
Saxxon's picture

Good point Biggvs.

Thu, 07/21/2011 - 19:07 | Link to Comment Biggvs
Biggvs's picture

Woohoo, I got junked! Must be moving up in the world.

Thu, 07/21/2011 - 14:05 | Link to Comment Kali
Kali's picture

What scares me, is the supposed "budget/debt limit" deal, they are talking about revamping the tax code.  Wait til we see that revamp.  We will get more debt and keep less of any income, they are talking about "closing loopholes, credits, deductions, etc".   Good luck trying to eat and keep a home soon, don't care if you have no personal debt or a paid off mortgage.  You know who is gonna end up paying more.  It won't be TPTB or their friends, it will be you and me.  This will push any remaining "productive" people out of the country or force them to reduce income to avoid paying rapacious taxes (going Galt).  I am getting more convinced that nobody will be able to escape serfdom.  They want us all destitute and dependent.

Thu, 07/21/2011 - 18:52 | Link to Comment Takingbets
Takingbets's picture

Well every year my niece gets about 9k back in her pockets from the treasury because of her children. She owns no property has no savings, no 401k, and no car half the time. The state pays for her daycare and $1100 a month in food stamps not to mention the cash too! I know she gets back every penny of taxes she pays them and more to boot! I could never understand why we would pay these people to have children???

Thu, 07/21/2011 - 23:37 | Link to Comment StychoKiller
StychoKiller's picture

Let's call it:  "Social Justice!"

The term "social justice" is now commonly used by leftist activists, clergy, educators, judges, and politicians to describe the goal they seek to achieve with many of their policies. No precise definition of "social justice" is ever offered by the left. Instead, the term is always used in a vague way -- as if everyone already knows, or should know, what the seemingly well-intentioned phrase "social justice" means.

So, what exactly is "social justice"?

Social justice is the complete economic equality of all members of society.  While this may sound like a lofty objective, what it really means is that wealth should be collected by the government and evenly distributed to everyone.  In short, social justice is communism.

Fri, 07/22/2011 - 01:01 | Link to Comment Kali
Kali's picture

Why don't you ask the children's father?  Where is he?  Or is there more than one?

Yes, burns me up too.  The childcare scam is huge too.  I have a biz colleague, she collects over $100,000/yr from subsidies for ONE of her clients.  This client is an "immigrant" who was brought here by her church.  She has 9 children.  The State pays the childcare provider $1k/mo or more per child.  She gets pregnant every year.   She also collects food stamps, free health care for her and her children, housing subsidies and they pay for her to go to college. Needless to say, she doesn't work.   I think we should send the bill to the damn church that brought her here.

Thu, 07/21/2011 - 14:04 | Link to Comment Encroaching Darkness
Encroaching Darkness's picture

Like government, like consumer ... or it that reversed?

A parade of desperate fools from one coast to the other, being led to the brink by the most accomplished, educated and experienced collection of fools Washington, D.C. has ever seen.

Once the charade collapses, we might start to rebuild the Republic... and understand why certain things like precious metal money, property rights and limits on the governmental ownership of land were written into the Constitution, before later, "wiser" heads relaxed those restrictions.

 

Thu, 07/21/2011 - 14:04 | Link to Comment Gringo Viejo
Gringo Viejo's picture

Cockroaches ate my foodstamps and Obama still ain't paid my mortgage!

Thu, 07/21/2011 - 14:07 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Those weren't cockroaches, they were dogs.

The alley dogs around here are wasting away, getting smaller and smaller.

It would appear the senior citizens are eating their kibble.

Thu, 07/21/2011 - 16:11 | Link to Comment NuckingFuts
NuckingFuts's picture

@ Gringo,

 

"And Whiteys on the moon"

- Gill Scott Heron

Thu, 07/21/2011 - 23:40 | Link to Comment StychoKiller
StychoKiller's picture

Didn't get the memo huh?

The last Space shuttle mission is now History (and Gil Scott Heron is daid!  Pity he's no longer around to point out social injustice though!)

Thu, 07/21/2011 - 16:15 | Link to Comment NuckingFuts
NuckingFuts's picture

dup

Thu, 07/21/2011 - 14:04 | Link to Comment Al Huxley
Al Huxley's picture

So what's the problem? The government's shown by example that debt and perpetual deficit spending is the root of prosperity. All they have to do is make sure they're able to keep raising their debt ceilings - I mean credit limits, and then there's no problem. And anyway, why should jobless benefits EVER run out - just extend them in perpetuity, and borrow the money to cover the cashflow requirements. Since there's no consequence to ever increasing indebtedness (other than that it ignites ROCKIN' market rallies) why even have these discussions? I bow to our Keynsian overlords.

Thu, 07/21/2011 - 14:44 | Link to Comment NOTaREALmerican
NOTaREALmerican's picture

Re:  The government's shown by example that debt and perpetual deficit spending is the root of prosperity.

Nonsense..   We had 50+ years of government debt and central planning and the boomer generation got wealthy beyond their wildest dreams.  

Big-MIC, Big-Ag, Big-Road, Big-Water, Big-Airport, Big-House, Big-FIRE, Big-Ed, Big-AntiDrug, Big-PoliceState..    Prosperous scams of unlimited wealth. 

 

What happened,  why can't we have more scams that made us so wealthy in the past?   Where are the great leaders of yesterday that knew HOW to get this great and glorious country into debt AND have everybody prosper from it?

Thu, 07/21/2011 - 17:04 | Link to Comment RockyRacoon
RockyRacoon's picture

...boomer generation got wealthy beyond their wildest dreams.

That's pretty funny, dude.   You do stand-up at night?

The "wildest dreams" didn't include dog food as the main course.

People got wealthy, I'll grant ya that.   But you might want to take another look at where the money went.    Same place it's going right now.   If you're so YOUNG and smart why aren't you doing something about it NOW!?   Burn something down -- I dare ya.

Thu, 07/21/2011 - 14:05 | Link to Comment Danno Anderson
Danno Anderson's picture

Not true.

Thu, 07/21/2011 - 14:05 | Link to Comment firstdivision
firstdivision's picture

Then by this analysis, we will have a credit card debt crisis. 2008 part deux?

Thu, 07/21/2011 - 14:54 | Link to Comment NotApplicable
NotApplicable's picture

Absolutely. Worse yet, almost everyone has adjustable rate cards now. So, with the slightest shake-up on Wall St. and/or DC, interest payments can skyrocket overnight.

Thu, 07/21/2011 - 15:04 | Link to Comment Kali
Kali's picture

Geez, yes, the new normal.  Attention spans are getting shorter and shorter all the time.  Mortgages, CC's, I remember when there was no such thing as "variable rate" on those, not that long ago.  That's when I cancelled all mine, when they tried to shift all my fixed rate cards to variable, that used to be the venue of Vinny, your corner lender.  Now, people think that is normal.  Just like these numbers that get tossed around, 100's of billions, trillions, quadrillions!  A lot of us would have died of an apopletic fit, not that long ago, at the mere mention of those kind of numbers.  Is it because of the math deficiency in the majority of our people now?  Their apathy and ignorance?

Thu, 07/21/2011 - 14:06 | Link to Comment Ag Star
Ag Star's picture

I just have one question since most everyone on this site is male. 

When are you going to man-up and take these motherfuckers out.

American men" talk the talk" but never "walk the walk"  How about 

you wrestling fans, skin heads, jack-ass loving patriots, and tea-baggers

make yourself useful for a change.

Thu, 07/21/2011 - 14:11 | Link to Comment azengrcat
azengrcat's picture

Keep buying Coach handbags and Lulu leggings with your BOA credit card; it will surely break the backs of the kleptocracy. 

Thu, 07/21/2011 - 14:15 | Link to Comment Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

If you are trying to instigate violence in an attempt to tighten the noose of your New World Order handlers you have come to the wrong website.  We here believe in peaceful resoltutions to these problems.  Go back and tell your handlers that you failed at this blog and try another.

 

Tuco Benedicto Pacifico Juan Maria Ramirez

Thu, 07/21/2011 - 14:16 | Link to Comment kito
kito's picture

youve never heard of the old adage "the pen is mightier than the sword"?

Thu, 07/21/2011 - 17:26 | Link to Comment TruthInSunshine
TruthInSunshine's picture

I saw Jason Bourne stab an assassin with a pen at the movies.

The assassin did end up dead, on the streets of Paris, so...

Fri, 07/22/2011 - 10:55 | Link to Comment Doyle Hargraves
Doyle Hargraves's picture

Also saw Joe Pesci kill a guy with a pen sitting at a bar in a casino so it has to be true! LOL

 

http://www.youtube.com/watch?v=WxKiK-SeBhE

Thu, 07/21/2011 - 18:10 | Link to Comment CompassionateFascist
CompassionateFascist's picture

"But no match for the gun..." - Beachboys

Thu, 07/21/2011 - 14:23 | Link to Comment HowardBeale
HowardBeale's picture

When? I'll bet there are multiple individuals and groups out there with plans already in place; some will be successful, some won't. With communication mediums (YouTube, Zerohedge, etc. etc.) allowing the truth to finally be known, it's simply a matter of time before the right guy with the right gun ends up in the right place at the right time. Count on it.

Thu, 07/21/2011 - 14:24 | Link to Comment the not so migh...
the not so mighty maximiza's picture

sounds like your the beneficiary of some life insurance policies.

Thu, 07/21/2011 - 14:32 | Link to Comment infinity8
infinity8's picture

what's your Daddy doing about it?

Thu, 07/21/2011 - 14:32 | Link to Comment pods
pods's picture

Haha, good one.  So you are telling us to eat our peas?

Many here have manned up and are doing things, just not idiotic things like you spout.  Go back and tell your boss that this site is on to you.

Are you the same troll who got the comment deleted a couple days ago?

Same prose.

pods

Thu, 07/21/2011 - 14:36 | Link to Comment Doyle Hargraves
Doyle Hargraves's picture

Sounds like a broad brush painting libtard to me. Must be still stuck in that democrap good repugnantcans bad paradigm...not realizing its just a two headed beast with the same master. You can bet the plan is already afoot for when the whole charade comes crashing down to restore the republic. I guess my question is "Every woman I have ever known to be worth a fuck can hold their own with a gun and stand up for themselves and 'walk the walk' as well as any man", so WTF is your sorry excuse as to why you don't measure up in that category? Must not have gotten the memo on real women's lib. just that faux women's lib that tells you to dyke out and if you get pregnant by an evil man then you have the right to murder. Yes I junked you Bitch! Go back to the dailykooks boards

Thu, 07/21/2011 - 14:51 | Link to Comment NOTaREALmerican
NOTaREALmerican's picture

Re: When are you going to man-up and take these motherfuckers out.

Hey,  some of us are doing quite well participating in the Big-Gov socialist scams that have been running for the last 50+ years.

I'd rather see a show of hands of how many boyz-n-girlz (and their parents) got rich off of Big-MIC, Big-Ag, Big-Road, Big-Water, Big-Airport, Big-House, Big-FIRE, Big-Ed, Big-AntiDrug, and (now) Big-PoliceState over the last 50+ years.

 

I work for a Zombie bank.    May the Big-Gov scams continue forever and ever (amen).   You can't take out my socialist scam without taking-out EVERYBODY'S socialist scam.

 

Thu, 07/21/2011 - 14:57 | Link to Comment NotApplicable
NotApplicable's picture

STFU noob. Go play your divide and conquer games somewhere else.

Oh, and if you're going to ask a question, how about using a question mark, ok?

 

Thu, 07/21/2011 - 15:10 | Link to Comment cosmictrainwreck
cosmictrainwreck's picture

welcome to Fight Club, honey. keep comin' back

Thu, 07/21/2011 - 20:45 | Link to Comment fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Why did you leave out rappers? Are you a racist? Do you no feel AA men are capable of courage? You some kind of KKK person?

Thu, 07/21/2011 - 14:06 | Link to Comment Danno Anderson
Danno Anderson's picture

Not true.

 

Thu, 07/21/2011 - 14:07 | Link to Comment carbonmutant
carbonmutant's picture

Isis vs. Google Wallet...

Thu, 07/21/2011 - 14:12 | Link to Comment PulauHantu29
PulauHantu29's picture

I see more and more people charging up their credit cards to the max or near it and then "walking away" so to speak. They simply don't pay until the card company writes off 50% or the entire amount.

I suspect the costs are actually shifted to the taxpayers via the Bernank Bank Bailout scheme. Basically their illegitimate (maybe illegal) behavior bites the innocent hard working American in the Butt.

What has happened to our culture?

Thu, 07/21/2011 - 14:12 | Link to Comment SheepDog-One
SheepDog-One's picture

'Our culture'? In most of our cities which now look like Tiujana?

Thu, 07/21/2011 - 14:24 | Link to Comment Laddie
Laddie's picture

It seems, after all, that no country is bound to submit to immigration any more than to invasion; each is war to the knife, and resistance to either but legitimate defence.
Robert Louis Stevenson

Thu, 07/21/2011 - 14:16 | Link to Comment blunderdog
blunderdog's picture

Folks are voluntarily sacking their credit-scores in order to try to provide enough consumer spending to keep our economy going.

They should applauded for their sacrifice.  Things would be really bad if people weren't doing their part to increase total debt.

Thu, 07/21/2011 - 14:34 | Link to Comment pods
pods's picture

That is poetry!  Pure poetry.

pods

Thu, 07/21/2011 - 14:48 | Link to Comment Kali
Kali's picture

Debt is Wealth.  1984 Stark School of Economics.

Thu, 07/21/2011 - 14:29 | Link to Comment rosiescenario
rosiescenario's picture

Yes, your credit card bill is totally open to negotiation...the amount presented to you is only the opening gambit...my wife has become quite adept at grinding these down...I have suggested there is an opportunity here for her as a consultant....

Thu, 07/21/2011 - 14:32 | Link to Comment the not so migh...
the not so mighty maximiza's picture

a consultant for a clientele that is already broke??....business plan ... REJECTED!!!!!!

Thu, 07/21/2011 - 21:46 | Link to Comment aces and eights
aces and eights's picture

Hardly. That's a valuable skill, and she should definitely start offering to help any close friends for free to get things going, build confidence, etc. I come from a family of consultants who provide services such as this. If I'm able to save my client $20,000, then why wouldn't they want to pay or barter something reasonable and fair in exchange? There's a market for this, and it sounds fun and under-the-radar. Not to mention she gets to make money while helping others in need. Cheers :)

Thu, 07/21/2011 - 18:52 | Link to Comment RockyRacoon
RockyRacoon's picture

What has happened to our culture?

Look to the top, always.   A corporation or even small shop culture is determined by the leadership.   The government and large corporations have been looting the country for years.   The public cannot be expected not to perceive that that is a right and proper conduct.  (See the story about cheating in the schools in, where was it, Alabama or some such.)   The high-level theft and manipulation does not have to be blatant nor documented.   It creates an atmosphere, an ambient conditioning.    That is what has happened to the culture.

The frogs are just about done.

Thu, 07/21/2011 - 23:50 | Link to Comment StychoKiller
StychoKiller's picture

"What is the Atlanta Public School System?"

Corrupt organizations for $300, Alex...

"'Tis death to counterfeit!"  Most people think this is a man-made Law, when in reality it's a natural one.  Mother Nature is only gonna take wooden nickels for so long, then She's gonna demand REAL things/money!  Prepare accordingly.

 

 

Thu, 07/21/2011 - 14:16 | Link to Comment cougar_w
cougar_w's picture

I just ocurred to me that once things get bad enough the military will become the employer of first resort for a lot of young people. And with the ranks of grunts filled with fresh meat there won't be much left to do except invade other countries, for whatever reason exists including keep the grunts busy.

I look at my 10 yo son, and even my 15 yo daughter, and wonder what argument I will make to keep them away from military service if they can't find other kinds of work, or what other direction I can send them.

"Start a business," I guess. Their clever minds will find a way.

 

Thu, 07/21/2011 - 14:33 | Link to Comment rosiescenario
rosiescenario's picture

"the military will become".....here, let me help, "has become"..........have you noticed the lack of recruitment advertising these days? More applicants than are needed....

Thu, 07/21/2011 - 14:34 | Link to Comment Kali
Kali's picture

Start a business?  That will only be for privileged.  Ask us small biz owners out here how it is going.  I have been ramping down, no sense trying to make money when they take it all away from you.   I think anyone having children right now should be arrested for child abuse.  I feel so sorry for the young today. 

Thu, 07/21/2011 - 18:15 | Link to Comment CompassionateFascist
CompassionateFascist's picture

Don't "feel sorry" for black/mestizo spawn...they're being well subsidized.

Thu, 07/21/2011 - 14:37 | Link to Comment Idiot Savant
Idiot Savant's picture

I just ocurred to me that once things get bad enough the military will become the employer of first resort for a lot of young people.

It already is the employer of first resort for a lot of young people.

And with the ranks of grunts filled with fresh meat there won't be much left to do except invade other countries, for whatever reason exists including keep the grunts busy.

Eventually, Cesar will call his urban warfare hardened troops home to quell the civil disobedience. After serving several tours in the sandbox, cleaning up American streets will be a cake walk.

Thu, 07/21/2011 - 19:22 | Link to Comment francis_sawyer
francis_sawyer's picture

I'd start looking into 'race' demographics of the US Military, and these 'American Streets' that they'll supposedly 'clean up' (according to you), before I started tossing out 'Caesarnomics' (like I knew wtf I was talking about)...

Rome was one city (it wasn't even that fucking big - population wise)... & the Roman legions were made up of conscripts ranging from Gaul to the Byzantines (tho I'm basically 'post-dating the primordial Caesar in that stretch)...

Point is... There were few 'Romans' in the Roman army (Marcus decimus Meridius - case in point - a 'Spaniard')... Many 'far out' Roman Legions pro-offered 'Roman citizenship' as a reward for conscript (after a time served)...

I see a different dynamic in play here...& you better spend your time trying to figure out where the "American Military" comes from before you start spouting crap about how they're gonna just turn and defend their masters as if they're fighting rag heads in Fallujah...

Men are men... & men will always do what men do... That is... THEY'LL GO HOME...

I'm more willing to bet that when they GET home, their loyalties will switch to defending their BROTHERS... NOT their employers...

 

 

 

Thu, 07/21/2011 - 15:06 | Link to Comment -Michelle-
-Michelle-'s picture

The military is cutting like crazy.  Minor infractions that would have gotten little more than a verbal reprimand are now sent up the chain and used to discharge.  Recruitment is probably the easiest duty station out there right now.

Thu, 07/21/2011 - 14:19 | Link to Comment Segestan
Segestan's picture

Wow... I guess they missed the memo.  The ' recession is over'.  

Thu, 07/21/2011 - 14:20 | Link to Comment Laddie
Laddie's picture

H1-B, H-2B, J-1, L-1 Visas, in addition to all the rest of the immigration of all sorts, and no wonder, what jobs are left, that the average AMERICAN CITIZEN is on the outs. The government is, to all appearances, the problem here, not the solution.

Thu, 07/21/2011 - 14:21 | Link to Comment cosmictrainwreck
cosmictrainwreck's picture

aaaaand....2:30 PM "Happy Hour" coming up. If they ramp this bitch (more, again, like they always do) into EOD, I'm just gonna shit....

Thu, 07/21/2011 - 14:22 | Link to Comment Milton Waddams
Milton Waddams's picture

Exactly what are these people spending their discretionary income on at the "dollar store"? My guess is they probably blow a quarter tank of gas driving around the parking lot in search of the best parking spot while confused at why they are morbidly obese. "Wants-based" economy is so nineteen hundreds.

Thu, 07/21/2011 - 14:23 | Link to Comment wsmith
wsmith's picture

Good Citizens of Metropolis!

I am currently stroking my proletarian farm tool while dreaming of the lovely Becky Quick.

And there ain't a fucking thing you can do about it.

Go ahead!

I dare you to knock that potato chip off my shoulder.

Anyway, so long.

And God bless all you Marxist cocksuckers.

http://geraldcelente.proboards.com

Thu, 07/21/2011 - 18:54 | Link to Comment RockyRacoon
RockyRacoon's picture

What?  Oh, yeah.  Sure thing... g'bye.

Thu, 07/21/2011 - 14:27 | Link to Comment Madcow
Madcow's picture

time to "raise the debt ceiling" on "consumers" - 

again and again and again and again and etc. etc. etc. 

the immutable laws of compound interest demand continuous and parabolic increases in the aggregate level of money and credit. 

 

and so - an attendant parabolic increase in wages and salaries are now required to prevent the USA from descending into anarchy and cannibalism. 

 

:(

Thu, 07/21/2011 - 14:31 | Link to Comment GiantWang
GiantWang's picture

Sure, this might all be true, but the stock market will still be roaring, and the rich will just be lending money at exorbitant rates.  There is clearly a disconnect, and the stock market isn't going anywhere.

I met a guy last week who "can't fail" at business.  He has $3 million loaned out on used car loans at 24% APR.  Miss a loan, and he shuts down the car . . . though you have a code that will allow you to start the car three times, to drive to him and make a payment (and in case of emergencies so he's not liable).  How does a bad economy hurt this guy at all? The rich will exert massive power over everyone else.

Who has never lost since 1913? The banks.  This is an honest question: Is there good reason to believe that the banks will lose going forward?  With all the former Goldman people in government and Jamie Dimon being considered for the position of Treasury Secretary, why would anyone think these institutions will have to face a reasonable reality at any point in the future?

Thu, 07/21/2011 - 14:42 | Link to Comment Kali
Kali's picture

It will fail when people start leaving the cars on railroad tracks.  If there is no money to pay, there is no money to pay-anything. 

Thu, 07/21/2011 - 14:57 | Link to Comment NOTaREALmerican
NOTaREALmerican's picture

Re: This is an honest question: Is there good reason to believe that the banks will lose going forward?

Have the sociopaths ever lost?  No.   

The only protection average people have against the sociopaths is Representative Democracy; which isn't possible in a country this size (and a country where the peasant hate each other more than the nobility).  

So,  power will get concentrated into the top, which is the natural social organization for humans.   Don't forget:  "Country First!" 

Thu, 07/21/2011 - 22:16 | Link to Comment Bobbyrib
Bobbyrib's picture

Any time you start to hate the people in charge, you are accused of class warfare.

Thu, 07/21/2011 - 14:32 | Link to Comment gkm
gkm's picture

Market seems to think that the solution to the debt ceiling will have to do with more money printing than taxes or spending cuts.  

 

Some may want to Google 'inflation in Rome' at Mises.org.  There's a lecture there how that inflation thing relieved the pesky peasants of their pesky land so that the Caesars could pay the soldier class.  Some might find some parallels to present day.  Some are just not very smart.

Thu, 07/21/2011 - 14:41 | Link to Comment SheepDog-One
SheepDog-One's picture

Ignoring the downgrades and defaults to come if there are not cuts? What people are missing here is that endless pumping higher is not the goal, the only point to every pump is the dump. And apparently this time theyll catch EVERYONE sleeping.

Thu, 07/21/2011 - 15:00 | Link to Comment gkm
gkm's picture

I'm not implying that the market will be right - but it is right now.

Also, consider the dollar index's commentary on the likely outcome from your trusty leaders.  It's speaking volumes.

Thu, 07/21/2011 - 14:34 | Link to Comment Siggy
Siggy's picture

Indicator that times are still tough: I find very few Pro V1s in the woods anymore, lots of TopFlites and Pinnacles now..

Thu, 07/21/2011 - 14:36 | Link to Comment rsnoble
rsnoble's picture

"cash flow problem"????  Who's the fucking idiot that gave it that title?  Lack of descent jobs, high commodities and it's a cash flow problem?   This should be retitled to "no cash problem".

Thu, 07/21/2011 - 14:43 | Link to Comment Kali
Kali's picture

Precisely.

Thu, 07/21/2011 - 14:37 | Link to Comment ElvisDog
ElvisDog's picture

Okay, but how does devaluing the dollar help matters when one of the fundamental problems is that the lower classes can't afford food or gas due in large part to the devaluation of the dollar? So many people chirp "QE3, QE3" like parrots, but exactly how would it help (or at least not make worse) the problems outlined in this article?

Thu, 07/21/2011 - 14:43 | Link to Comment SheepDog-One
SheepDog-One's picture

Theyre not trying to help matters, just keeping things aloft a bit longer. The 'stock markets' are the opiate of the masses, as long as theyre up the economy must be ok, lulled off into sleep as the big rug pull out is just right around the corner.

Thu, 07/21/2011 - 15:08 | Link to Comment oldman
oldman's picture

Elvis darling MoFo

I am the the lower "class" and I am

LOWCLASS

It don't matter what -----I'm going to stay lowerclass because all my friends and family are here-----

Parrots? You want parrots? This site is nothing but parrots---you just get here, bro'?

Just having fun with that "------is that the lower classes------"

It caught my eye and this is a very light day for this oldman

please don't hold it against me----------- 

Thu, 07/21/2011 - 18:18 | Link to Comment ElvisDog
ElvisDog's picture

Sorry for any offense, oldman, I was merely conserving keystrokes. I meant to write lower-earning classes. On a similarly vent, I just went to a family reunion where I had to listen to multiple relatives talk about the "important" job my brother-in-law has with Amazon. His job seems important to them because he makes a lot of money. At least half the high-income people I know are complete idiots.

Thu, 07/21/2011 - 19:54 | Link to Comment RockyRacoon
RockyRacoon's picture

If you haven't seen it:

 

The Company Men (2010)
Thu, 07/21/2011 - 14:39 | Link to Comment FubarNation
FubarNation's picture

I'd gladly pay you Tuesday for a hamburger today.

Thu, 07/21/2011 - 15:05 | Link to Comment FEDbuster
FEDbuster's picture

"Wimpynomics"?  The whole Country has embraced the "pay you Tuesday for a hamburger today" mentality.

Thu, 07/21/2011 - 14:41 | Link to Comment aerial view
aerial view's picture

"I am entitled to a new ipod, flat screen tv and cell phone every year and no matter what, I will get me one." Welcome to the new, highly educated but low paid, me generation. 

Thu, 07/21/2011 - 22:23 | Link to Comment Bobbyrib
Bobbyrib's picture

Please stop acting like any other generation, but the Boomers are the Me generation. What generation's executives is finishing outsourcing whatever can be sent overseas?

Also what generation is trying to receive social security (don't forgot the average Boomer  has NOTHING when it comes to retirement savings...LOL) at the cost of the younger generations?

 

Thu, 07/21/2011 - 14:47 | Link to Comment oldman
oldman's picture

Welcome to the club, all of you 'marginalized' poor souls. It's not so bad here, you just have to get used to living without---------well, prcatically everything; but, at least we are 'minimalists'----uh, actually we are 'do-withouts', and environmentallt friendly---no consumption---no waste.

Yeah, life is easy here, if you can just let go of a few things----hunger, pride, medical attention, pain, suffering-----take a deep breathe and relax---we will be here a while.

We do have a special rule abouit that which is our 'moral hazard'---starving children and old people to death: we survive by stealing the things we need and this answers our moral hazard dilemma. credit card debt----what stinking credit card debt---stop talking like a fool---THIS is the real world and there are more of us than 'them'. We win--------------eventually and don't worry about the cops----they know they will be here also---no one wants to pay taxes.

It's fun here, brother----welcome to our cave of survival.

 

Thu, 07/21/2011 - 15:09 | Link to Comment Kali
Kali's picture

I'll bring the food, someone else want to bring the ice and beverages?  Party time in the cave!

Fri, 07/22/2011 - 00:03 | Link to Comment StychoKiller
StychoKiller's picture

Yo, where does this big black hole go to?

(Auugghh.......)

Thu, 07/21/2011 - 14:45 | Link to Comment Edward Fiatski
Edward Fiatski's picture

6.66% IR on a burger, no cheese, please.

Thu, 07/21/2011 - 14:46 | Link to Comment Sudden Debt
Sudden Debt's picture

When I was in America, I was struck by the creativity of people to make money.

Just do it.

If you're 99 weeks without a job, it only means those people lack the creativity to create a job themselves.

The problem is the internet. People "look" for a job on the jobsites and they think it's enough. They should realize that if that don't help it's time for a plan B.

If you can't come up with a plan B, go into town and look how others do it and copy it.

I have 2 kids and a wife, and if I would come into the position that I would be out of a job for so long, I wouldn't sit still.

 

Thu, 07/21/2011 - 14:53 | Link to Comment FubarNation
FubarNation's picture

It is called entitlement.  When you have been given everything from either your parents orthe goverment your entire life it fucks up your sense of reality.

Thu, 07/21/2011 - 14:54 | Link to Comment oldman
oldman's picture

Two points, Sudden,

first point: you were never in America---only in the US of America

secnd point: bravo for you and me---we have capacity and imagination and there are very few of us-------------what about the other six thousand million persons of this species?

i like your way of being; what would it be like if everyone were you, though?

your thought are as profound as they are insightful--keep them coming, please.   om

Thu, 07/21/2011 - 15:15 | Link to Comment viahj
viahj's picture

many are doing just that, copper theft is on the rise.

Fri, 07/22/2011 - 00:22 | Link to Comment Diogenes
Diogenes's picture

Brave words from someone who has never lived it.

There are 3O,OOO,OOO people out of work. Are you saying they could all find jobs if they really wanted to. And that they dont want work.

 

Fri, 07/22/2011 - 04:41 | Link to Comment bk1037
bk1037's picture

No offense but kiss my a**, Sudden Debt, I agree with the other poster who said it's easy to talk from afar if you haven't experienced it. For those of us who have and continue to, we know what the labor market bullshit is really like. And even if you are self-employed as I technically am, you still need business partners and others that both have money and are willing to part with some of it. That is a tall order for many in the economy at the current time. We still have a down and terrible labor market, and I see no trends to really improve the situation for millions of Americans who are casualties of this depression. I tell smug people like yourself to jam it, don't expect any sympathy from anyone if you lose your job with that kind of attitude. See how radioactive you become with former colleagues that are helpless to help you now, and count yourself very fortunate if you have colleagues that can place you in a new job should you lose your current one. The problem is not the internet, and that comment comes off to me as someone who is totally clueless as to the frustration unemployed people feel that are looking for work.

I don't know about the 2012 H1 gloom and doom from Tyler, but honestly the 21st century depression continues so another down cycle on top of what we already have would not surprise me.

Thu, 07/21/2011 - 14:46 | Link to Comment foxmuldar
foxmuldar's picture

I still get at least one credit card offer per week, all with interest rates higher then the current cards I use. Wasn't this what got most lenders in such a mess before?

Thu, 07/21/2011 - 14:48 | Link to Comment Dre4dwolf
Dre4dwolf's picture

A good side effect is that you can now pickup 55" LCD tvs for 500 -800$

Dflation, money is tight everywhere but the banks, the banks are going to eventually start buying up commodities for self preservation, and then the american consumer will essentially be bankrupted... 80% of Americans won't be able to afford gas, electricity , or food.

Thu, 07/21/2011 - 15:01 | Link to Comment oldman
oldman's picture

We don't care what the price is---no money, so we just take what we need and it ain't no stinking tv-----ha,ha,ha---the joke is on you , dude----you're so impoverished that you need a tv---that's funny!

Not a thing personal here---you represent the other side, though we still love you----room for all in this cave          om

Thu, 07/21/2011 - 14:50 | Link to Comment NidStyles
NidStyles's picture

It's definately a liquidity issue, there's no more money left for them to steal.

Thu, 07/21/2011 - 14:58 | Link to Comment wcvarones
wcvarones's picture

This is just good financial strategy.  You can run up your cards, default, and then settle for pennies on the dollar.

These people are far smarter than those morons taking out $100,000 of non-dischargeable debt for a worthless college education.

 

 

Thu, 07/21/2011 - 15:01 | Link to Comment keepusfree
keepusfree's picture

So what are the young people going to do? This article talks about what some of them are doing. http://thereaganwing.wordpress.com/2011/03/20/fraudulism-and-the-new-ame...

Thu, 07/21/2011 - 20:25 | Link to Comment RockyRacoon
RockyRacoon's picture

That is very encouraging.   As a recently "retired" fella, I applaud their decisions not to contribute to the Ponzi.    I hope the movement catches on!

Thu, 07/21/2011 - 15:26 | Link to Comment Yossarian
Yossarian's picture

I pay for everything w/my credit card- from Starbucks to McD's to BBY.  I don't run a balance, though so as far as my transactions (and those similar) are reflected in the #'s it's misleading

Thu, 07/21/2011 - 16:13 | Link to Comment blackbaron
blackbaron's picture

Tim Price's blog is usually excellent & thoughtful, the latest post 'The surgery was a success, but the patient died' has a nice quote from Ron Paul:

“We hear that in the future we're going to have a better economy and everybody hopes so, but it's hard for me to believe because I look back on our past three years and what Congress has done and what the Fed has done is literally injected about $5.3 trillion and I don't think we got very much for it. The national debt went up by $5.1 trillion; real GDP grew by less than one per cent; unemployment really hasn't recovered – we still have 7 million people that have become unemployed.. one statistic that is very glaring if you look at the charts is how long people are unemployed. The average time used to be 17 weeks – now it's nearly 40 weeks. Nothing there reassures me.. Also, when we talk about prices, we're always reassured that there's not all that much inflation, and we're told that they might start calculating inflation differently with a new CPI.. of course, we changed our CPI a few years back. There's still a free market group that calculates the CPI the old-fashioned way. They come up with a figure – despite all this weak economy – that prices have gone up 35%, 9.4% every year, and I think if you just went out and talked to the average housewife, she might believe the 9.4% figure rather than saying it's only 2%.. So I would say what we've been doing isn't very reassuring with all this money expenditure.. Spending all this money hasn't helped. That $5.3 trillion didn't go to consumers, it went to buying bad assets, it went to bailing out banks, it went to bailing out big companies.. lo and behold, the consumer didn't end up getting this, the consumer lost their job, their houses and their mortgages..”

- Congressman Ron Paul addressing US Federal Reserve chairman Ben Bernanke, Financial Services Subcommittee on Monetary Policy, July 13, 2011.
Banks,

http://thepriceofeverything.typepad.com/files/the-surgery-was-a-success-...

Thu, 07/21/2011 - 16:29 | Link to Comment carlnpa
carlnpa's picture

99'ers are now 65'ers(52 weeks EU + 13 weeks EB), the new tier 4 benefits end after a total of 52 weeks.

The unemployment situation has improved so much that extended benefits are no longer needed, according to the Feds. 

Strange how the food stamp program participation rate is rising in lock step to those falling off the EU and EB programs.

http://unemployedworkers.org/sites/unemployedworkers/index.php/resources/resource_entry/extended_benefits

Thu, 07/21/2011 - 17:20 | Link to Comment jack stephan
jack stephan's picture

Vasquez: [after barely surviving the Alien surprise attack] Okay. We have several canisters of CM-20. I say we go back in there and nerve gas the whole fuckin' nest.
Hicks: It's worth the try, but we don't know if that's gonna affect them.
Hudson: Let's just bug out and call it even, mat! What are we even talking about this for?
Ripley: I say we take off and nuke the site from orbit. It's the only way to be sure.
Hudson: Fuckin' A!
Burke: Hold on a second. This installation has a substantial dollar value attached to it.
Ripley: They can *bill* me.

Thu, 07/21/2011 - 17:50 | Link to Comment Zymurguy
Zymurguy's picture

I suggest they use what remaining credit they have on those cards for cash advances.  Use the cash to purchase physical gold and junk silver coins and tell the bankers to go to fooking hell.

Thu, 07/21/2011 - 18:04 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

There may be a silver lining:

A possible bright spot is that inflation may moderate as prices of commodities stabilize, Fed Chairman Ben S. Bernanke said July 13 in his semi-annual testimony to Congress. As of July 19, the average price of a gallon of unleaded gas had dropped 7.6 percent from May 4, when it reached an almost three- year high.

 

 MMmmmm...Gasoline...my favourite nutritional drink....

I use it to wash down my i-Pad2.

Thu, 07/21/2011 - 18:19 | Link to Comment asteroids
asteroids's picture

Why are credit card rates so high? Is the consumer sooo uncreditworth to rate FED 1% money. Ask Ben and Obozo that!

Do NOT follow this link or you will be banned from the site!