United States Heading towards a Depression?

Of course... If you cannot back up a statement. Why respond? I understand completely!

 

Have you been reading this thread? Unprecedented Wall Street issues, global banks almost going under, massive housing deflation and mortgage failures? America possibly losing it's AAA credit rating? The dollar being debased. Massive entitlement debt? Rising inflation? Falling consumer confidence? Experts saying this is the worst they have seen in their lifetimes? Alan Greenspan going around the world telling our creditors they should let us bankrupt ourselves...

And you think everything is going great?'

Unfortunately I don't think you do.

 

In Mia's world (bubble) everything is just fabulous.

 

Ultimately each person is personally responsible for their own situation.

 

Correct, but this thread in not about the conditions of an individual rather that of a whole nation, and to claim that everything is just fine is just plain naive, when everyone in one way of another can see what's going on.

 

http://www.federalreserve.gov/releases/h3/Current/

Make note of "non-borrowed reserves".

 

What's going on with the sudden negative decline in non-borrowed reserves?

 

Agreed, thank you for seeing and making my point.

The only ones touting doom and gloom are the ones in trouble...

Like this pathetic creature: http://www.cnn.com/2008/LIVING/personal/03/27/foodbank.family/index.html

 

That's quite a compassionate statement Mia. When someone is down, no matter the reasons you can't just kick them to death. She is a single mother, taking care of 2 kids, lost her job, it happens, so now what? Should she commit suicide? Starve to death? What do you suggest she do at this point? Mind you she lost her job , its not like she is a lazy looser refusing to work.

 

Because, it is the irresponsible spending habits and over-eating so to speak that are to blame for what appears to be an economic down turn. The reality, is, it is a correction, that if left alone will let those that fucked up suffer, and those that did not, move on.

Not every investment bank is failing.. Only the ones that shared in this attitude born of the 90's, which was to live beyond your means, spend other peoples money, and forget about the future.

Meanwhile, investment bankers in NYC alone gave over 1/2 a million dollars to Obama alone. Why are investment banks using other peoples money to support presidential primary candidates?

What you have here is a combination of waste and greed... Unfortunately, none of the people with the greed and wasteful attitudes are producers. None of the people spending money from the individual to the bank has ever taken the time to make any.

The problems here lie solely with individuals. IMO.

 

Oh cry me a river... Did you even read the article? The women lives in a mansion and was only paying interest on her mortgage to the tune of $2500/mo. $2500/mo. in most of America buys quite a bit of home, even with a higher interest rate.

Let's also not forget that part of her income is derived from child support...

My point in this story is here, we have a women that was clearly living WAY BEYOND HER MEANS..

I have no sympathy for people like this NONE. PERIOD.

No, she is not lazy, she is and was living beyond her means. She should have lived every day has if she was about to lose her job. That is the problem with most Americans today. They live paycheck to paycheck BY CHOICE. It's really sad, especially when you compare this to REAL poverty in America.

Good God $2500 PER MONTH INTEREST ONLY!!!!

 

Thanks for clearing up your position.

 

No problem.. Again, I mean no ill will on this hard working mother... What I am upset about and confused about, are the choices people made when they bought a home.

This is the single most important and expensive purchase an average person will ever make on earth. There used to be a time when it was near impossible to get a credit card, let alone a bank loan. But to have an interest only debt of $2500/mo?

Aren't you the one that has touted the cash only approach, or not carrying debt like this?

I would have more sympathy if I did not see that $2500/mo. interest only statement in that story. That is just unbelievably opulent IMO. Surely she could have found something more reasonable? Hell, even at $70k/yr, $2500/mo. is WAY TOO MUCH of a mortgage debt.. Way too much. I don't know any responsible bank that would lend that type of money out.

Her debt to income level is off the charts there. No wonder she is in trouble. Also, didn't she have mortgage protection insurance of some kind? I have insurance that covers me for 6 months should I have some hardship...

This story is such a crock of shit. Media outlets like CNN, should really be raising the same questions I am rather than printing pretentious bunk like this that furthers the agenda of doom and gloom...

Cry me a river, this story is bull shit!

 

I'm sure her intentions for purchasing that house were that she would be making a smart investment (probably for her kid's sake), maybe pushed by some eager Realtor to make the purchase, I do feel sorry for her, as I do for everyone that might not have the "capacity" to make better decisions (like you Mia), nevertheless, what's done is done, it is easy to judge others on your high horse. I say show a bit more compassion it is better than not to.

 

Good points.. And yes, when you have to work for it, you develop a better sense and understanding of just how fast it could be gone!'

Judging from the picture and here size, I would say she likely does not live a very healthy life.. That is another thing that has irked me for years; how people who claim to be poor can still afford take out (take away) junk food, cigarettes and other non-necessities..

America needs to get some basic economic classes back into schools and start teaching our youth how to make and spend money responsibly. It would not hurt to put an emphasis on PE as well..

 

You go boy! Any other stereotypes you want to throw her way while you're at it?

 

Mia, I think you're terribly misguided. Yes, she screwed up. Thousands of people screwed up. The system was intentionally skewed with low interest rates specifically to get dumb people like this to take on these mortgages.

The government shares a good chunk of the responsibility, as they encouraged the housing boom, and they are the ones who have accrued the moral hazard that nudged this lady into bad circumstances.

PS, I know you look like Clark Kent and all, but you really come across as an angry man with a superiority complex. That you would post a link to and single out an unemployed working mother, when there are billions in corporate welfare being handed out, seems a little unfair and unbalanced to me.

I'm sure you have made mistakes. That shouldn't be a referendum on your life. And it shouldn't be on hers either.

 

Stereotype? What are you talking about. Most overweight people are overweight because of poor diet and lack of exercise. PERIOD..

Its what I like to call a realitytype!

 

I think you miss the point here.. The point is, I should not have to pay for her mistakes. That is what is happening. That is what you and others like you are suggesting.

The individuals out there that screwed up need to take responsibility for themselves, not me.