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#40 Philidelphia, Altanta, Cleveland, Detroit...big fucking shocker!
If the rich actually spent their money, all of it, we would have massive inflation. Scary.
Scary but true.
If the TARP money were loaned to tax payers instead (the 99%), same thing would have happened.
And our government's solution? INCREASE federal intervention in credit markets to further lax lending practices and encourage the population to take on more debt.
The Road to Serfdom indeed.
The great thing about that is the old adage that you can lead a horse to water but you cannot make him drink.
Well, at least for now they can't.
Here is a little humor for a Friday. Only one thing.
It ain't funny...
tOO BiG To fAiL LOan MOdIFiCATioN FOrm r.1.A.002.B.XXXX
(Link goes to Hamlet pdf embeds - blog haters do not click)
"#18 In Stockton, California home prices have declined 64 percent from where they were at when the housing market peaked."
When they say "40% of houses are underwater" they really mean 100% in Stockton and 10% of everyone elses.
Stockton is not the end of the word but you can sure see it from there.
We are talking about Mexico, right?
Mexio's unemployment rate is what? 5.5%?
One item here is kinda bogus as a "revelation".... Yes, the 6 Walmart heirs have more wealth than the bottom 30%. However, if you have one dollar in your pocket, and no debt, you have more "wealth" than 24%. That's because 24 percent actually have a negative net worth; they owe more money than they have in assets. (Sadly, I'm one of those people :( ...HA) That number doesn't seem very outrageous when you look at it in those terms. Otherwise, some interesting facts.
Here is another shocking statistic. I pay more in federal income tax than nearly fifty percent of the population, COMBINED!
If you beat up the numbers enough, they will tell you anything you want them to....don't buy into this, the definition of wealth is always relative...the statistic regarding poverty in US is based on 89,000 per annum in household income....that's not poverty.
The report said the percentage of Americans living below the poverty line last year, 15.1 percent, was the highest level since 1993. (The poverty line in 2010 for a family of four was $22,314.)
From the article itself: Many middle-class Americans are dropping below the low-income threshold — roughly $45,000 for a family of four.
Where did you get YOUR numbers?
Did the above banker fudge the numbers and spew false info?
Just can't shake that way of life, can ya?
give the slime a break damnit, he is only sampling banksters in that 89K stat.
The 'poverty line' is $89,000 salary? Fuck outta here.
$89 K is "poor" in Greenwich, Connecticut. Can't even pay your Racquet Club dues.
Is that you Barack?
it is based upon 21000/year for a family of four.
Admittedly, I didn't look very hard. But I call bullshit on $89K a year. Maybe for your private banker friends.
Of course the heart of our economic problems is the Federal Reserve.
I disagree. The problem is the people and the people they permit to represent their "interests." Representative government fails consistently due to human nature. This is the trap of popular acclaim.
Children if offered a vote would choose ice cream over homework. They would elect a teacher that promised more ice cream. Indeed they would if given a chance abolish homework all together and the school as well.
Who you calling "cracker"?
Just balance your m'fing checkbook B..
Thanks for the chuckle in an otherwise depressing post.
Who is the "sugar plumb fairy" ...
That Michelle is one ugly dude.
Sweet nuts there. Jus sayin'.
#52: kill all mother fuckin bankers with extreme mother fuckin prejudice...
I'm thinking this is probably the last time the neighbor will let you use their internet.
Like William Money said..."we all got it comin kid"....
no fear here homie.....
Way to go Obama! You almost doubled the debt in less than 4 years. Your next 4 year debt binge should be a real hoot!
Obama going for 30 trillion at the end of your 8th year? Grand Marshal bankster, Ben Bernanke and the Federal Reserve can pull some levers to speed up the printing press.
Krugman will be in his glory as the US goes past 30 trillion,
Bernanke and the federal reserve banksters can help to make the US dollar a joke.
This is where it goes parabolic
Under Obamas 2 nd term.
10 to 15 not so big,
15 to 30
VISA. Its alll in the bag.
Come on America, make the right choice.
I would vote for Ron Paul in a minute, you would vote for Ron Paul and I suspect many others here at ZH ... but then ask you next door neighbor what he thinks of Dr. Paul and he would probably say 'who?' ... the problem in America is now a dearth of common sense or basic understanding of economics. An old white man has no chance against the slick talking current resident of the White House unless America wakes up.
If you have no debt and $10 in your pocket, you have more wealth than 25% of Americans.
I disagree. Pay minimum amounts on low interest credit and keep a good credit score and you could have millions of wealth and die owing millions more.
In a credit system, its in my best interest to milk it.
You don't have children do you?
can I buy you a tête à tête meal with that?
Trillion is the new Billion. Get with it gang... your so out of touch.
Don’t worry, Zynga and Facebook will save us, as a new virtual economy evolves on a foundation of bullshit, gossip, and playing games for hours on end.
After lurking in all other sites such as ZH (Seeking Alpha, Market Watch, Business Insider, Azizonomics etc) I conclude that a lot of disaffected (The lost their savings gambling the markets) people are venting their spleen on these sites, but still have no idea.
Because the market is now centrally planned by the BIS and its Henchmen, the Central Banks, it is impossible to use history as a guide, and charts for that matter. The top houses and traders have read all the books, most new traders have, and as a result they (and their algos) know how to shake out Retail, and even wholesale traders.
Most of the bears are probably paid shills to strike fear in peoples hearts, forcing them to liquidate their underwater holdings.
People forget that money equals a commodity to exchange it for. With all this liquidity and money printing, the dollars will be winding up in the hands of people who are snapping up hard commodities, before the owners realise that the money is devalued.
For this reason I have gone to Cash (To buy items at deflated desperate prices) and prime farmland (to earn income from people who have to eat). In Australia you can only own guns if you have a farm or member of a sporting shooter association. I bet eventually the sporting shooters will lose their right, but farmers will have a genuine reason (Stock shootings, vermin shootings and pest control) IF the SHTFH (Hard-causing a fine gut wrenching spray) at least I know I will be able to defend my interests. (My great Grandfather and Great Grandmother on both sides were burned alive in their home in Ukraine WW2 and I am learning from history)
BTW I have contacts in Australian Real Estate, in prime areas of Melbourne, and the market has dropped 40% in price offers but vendors are not selling. Once they are forced to sell (unemployment or panic), they will be underwater big time. In Australia, we have full recourse loans, so consumer spending is going to take a dive. Short Australian Banks and Retail. Australian Banks have heavily relied on offshore financing of Mortgages, and their funding costs are huge. I used to work in the Big 4 banks and their IT systems are inadequate for them to report quickly and efficiently.
People forget that money equals a commodity to exchange it for.
No--this is a common mistake. What people forget is that money is a synthetic abstraction we use to simulate a commodity which can be infinitely multiplied by the holders of certain specialized legal positions.
Your statement is only true if money is hard, backed by assets you choose gold, silver, wheat whatever. What we have now is a simulcrum of money otherwise known as currency.
Semantics arguments don't help.
Is there such a thing as a "US dollar"? That's an ontological question. You apparently believe there is no such thing. (This is a valid perspective, shared by all the nominalists. The idea is that "money" is nothing more than a word and describes no real-world correlate.)
"Currency" refers to the markers we use to quantify "money." You can't substitute that word for "money" without redefining what money is.
I'm not the biggest fan of Plato, but there's clearly no better illustration of a widely-shared Platonic idea than "money."
I was not attempting to help. Ontologically speaking it matters not what I think what matters is that it is impossible to trade that dollar back to its originator for a value of anything. The dollar is a dream built on confidence when the dream dies the dollar dies.
Well if you're not using your FRNs, I'll take them off your hands. In your mind, they're not worth anything anyway, right?
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