Comments on: Credit card market a potential disaster-in-waiting. http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/ Thu, 26 Nov 2009 02:01:34 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: mircsevda http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-2/#comment-5527347 mircsevda Mon, 02 Mar 2009 21:56:21 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-5527347 <a href="http://www.neomanera.com/" title="la martina" rel="nofollow">la martina</a> <a href="http://www.sevgisesi.net/" title="hi5" rel="nofollow">hi5</a> <a href="http://www.mircsevda.com/yahoo-chat/" title="yahoo sohbet" rel="nofollow">yahoo online chat</a> <a href="http://www.mircsevda.com/avrupa_chat/" title="avrupa europe sohbet" rel="nofollow">avrupa chat</a> la martina

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]]> By: Chocolate Jesus http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-2/#comment-4286223 Chocolate Jesus Mon, 03 Mar 2008 07:24:39 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4286223 giving credit cards to people with questionable ability to pay them off, so you can bilk them for outrageous late fees and interest...sounds like a perfectly sustainable business model to me... why is it that these days, it seems like the general model for capitalism has become one giant ponzi scam? giving credit cards to people with questionable ability to pay them off, so you can bilk them for outrageous late fees and interest…sounds like a perfectly sustainable business model to me…

why is it that these days, it seems like the general model for capitalism has become one giant ponzi scam?

]]> By: getplaning http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-2/#comment-4285759 getplaning Sun, 02 Mar 2008 02:29:37 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285759 During Japan's credit recession of just over five and one half years, their stock market nearly halved, and during Germany's credit recession of just over three and one half years, their stock market fell by over one third. As a broad conclusion, if we take the averages of how long banks slowed-down their lending and how far the stock market fell, we conclude that the credit downturns lasted 4.6 years, and the stock markets contracted by 40%. Japan's economy is roughly 1/3 the size of America's and Germany's is roughly 1/5 the size of America's. Neither country went into negative savings the way America has. Are you starting to get the picture? Bernanke doesn't have the firepower to stop this economic collapse. By August of this year, the bottom will have fallen out. During Japan’s credit recession of just over five and one half years, their stock market nearly halved, and during Germany’s credit recession of just over three and one half years, their stock market fell by over one third.
As a broad conclusion, if we take the averages of how long banks slowed-down their lending and how far the stock market fell, we conclude that
the credit downturns lasted 4.6 years, and the stock markets contracted by 40%. Japan’s economy is roughly 1/3 the size of America’s and Germany’s is roughly 1/5 the size of America’s. Neither country went into negative savings the way America has. Are you starting to get the picture? Bernanke doesn’t have the firepower to stop this economic collapse. By August of this year, the bottom will have fallen out.

]]> By: erock http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-2/#comment-4285737 erock Sun, 02 Mar 2008 00:52:53 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285737 But it is a scenario worth investigating. If advertising didn’t work, it wouldn’t be a multibillion dollar industry. when the president of the United States declares tha the solution to 9/11 is to “go shopping”, doesn’t that tell you anything about the “system”? Comment by Lefty Patriot — March 1, 2008 @ 5:28 pm Yes, this is true, it is good for the economy (on the surface) when people are spending, but to suggest that the "system" has somehow permeated our education system and disallowed any mention of personal financial responsibility while bombarding the population with subliminal messages to spend is quite a leap from there. More likely this is just the result of a terribly slow economy and a nation full of people who have grown accustomed to a higher style of living. That's not to say that the "system" isn't to blame...it's responsible for the sagging economy, I just don't think it involves the massive conspiracy that you're suggesting. But it is a scenario worth investigating. If advertising didn’t work, it wouldn’t be a multibillion dollar industry. when the president of the United States declares tha the solution to 9/11 is to “go shopping”, doesn’t that tell you anything about the “system”?

Comment by Lefty Patriot — March 1, 2008 @ 5:28 pm

Yes, this is true, it is good for the economy (on the surface) when people are spending, but to suggest that the “system” has somehow permeated our education system and disallowed any mention of personal financial responsibility while bombarding the population with subliminal messages to spend is quite a leap from there. More likely this is just the result of a terribly slow economy and a nation full of people who have grown accustomed to a higher style of living. That’s not to say that the “system” isn’t to blame…it’s responsible for the sagging economy, I just don’t think it involves the massive conspiracy that you’re suggesting.

]]> By: Lefty Patriot http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-2/#comment-4285702 Lefty Patriot Sat, 01 Mar 2008 22:28:12 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285702 The idea that the “system” is somehow brainwashing people into spending beyond their means is another scenario entirely. Comment by erock — March 1, 2008 @ 1:48 pm But it is a scenario worth investigating. If advertising didn't work, it wouldn't be a multibillion dollar industry. when the president of the United States declares tha the solution to 9/11 is to "go shopping", doesn't that tell you anything about the "system"? The idea that the “system” is somehow brainwashing people into spending beyond their means is another scenario entirely.

Comment by erock — March 1, 2008 @ 1:48 pm

But it is a scenario worth investigating. If advertising didn’t work, it wouldn’t be a multibillion dollar industry. when the president of the United States declares tha the solution to 9/11 is to “go shopping”, doesn’t that tell you anything about the “system”?

]]> By: MapleStreet http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-2/#comment-4285679 MapleStreet Sat, 01 Mar 2008 21:40:38 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285679 1) Knowing that the "good" credit cards carry interest at around prime plus 9% and others are more like 20%, this is really chilling. This could hit the issuing banks hard when the market collapses. 2) Under the new bankruptcy, it is harder to have credit card debt forgiven. That means that folks will loose elsewhere - in other words, the people under credit card debt won't be spending which means that their spending won't be propping up our economy. 3) Of course, borrowing money to pay it back later is the hallmark of the Bush Administration. All they are doing is following the example of our supreme leader. 1) Knowing that the “good” credit cards carry interest at around prime plus 9% and others are more like 20%, this is really chilling. This could hit the issuing banks hard when the market collapses.

2) Under the new bankruptcy, it is harder to have credit card debt forgiven. That means that folks will loose elsewhere – in other words, the people under credit card debt won’t be spending which means that their spending won’t be propping up our economy.

3) Of course, borrowing money to pay it back later is the hallmark of the Bush Administration. All they are doing is following the example of our supreme leader.

]]> By: erock http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-2/#comment-4285593 erock Sat, 01 Mar 2008 18:48:18 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285593 Why is responsible Average Joe, if the POTUS takes no responsability? If you are, say a nurse, changing financial habits, or house, or states, few can be done if you earn very few money working 12 hours per day. Comment by Evil Spaniard — March 1, 2008 @ 12:00 pm Now there's something I can agree with. If the cost of living rises so high that individuals have no choice but to go in debt that is one thing. That very well may be what we are seeing here in some cases. The idea that the "system" is somehow brainwashing people into spending beyond their means is another scenario entirely. Why is responsible Average Joe, if the POTUS takes no responsability? If you are, say a nurse, changing financial habits, or house, or states, few can be done if you earn very few money working 12 hours per day.

Comment by Evil Spaniard — March 1, 2008 @ 12:00 pm

Now there’s something I can agree with. If the cost of living rises so high that individuals have no choice but to go in debt that is one thing. That very well may be what we are seeing here in some cases. The idea that the “system” is somehow brainwashing people into spending beyond their means is another scenario entirely.

]]> By: Cal Malenky http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-2/#comment-4285548 Cal Malenky Sat, 01 Mar 2008 17:57:43 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285548 I don't carry balances on my credit cards currently but I'm afraid the cold wind will blow all of us over when this house of cards collapses. Some of the nation's credit card debt is from medical expenses. That can happen to anybody. Once the purchasing power of Americans drops low enough, China and OPEC won't have a market for their goods and won't have much incentive not to call in the loan Bush took from them to pay for his disasters in the Sandbox. After that, whatever wealth is left will be swept up by the haves and the have-mores. Bush's legacy. I don’t carry balances on my credit cards currently but I’m afraid the cold wind will blow all of us over when this house of cards collapses. Some of the nation’s credit card debt is from medical expenses. That can happen to anybody.
Once the purchasing power of Americans drops low enough, China and OPEC won’t have a market for their goods and won’t have much incentive not to call in the loan Bush took from them to pay for his disasters in the Sandbox.
After that, whatever wealth is left will be swept up by the haves and the have-mores.
Bush’s legacy.

]]> By: Evil Spaniard http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-2/#comment-4285524 Evil Spaniard Sat, 01 Mar 2008 17:00:10 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285524 What use has personnal responsability if oil rises a 300% in seven years, groceries, housing, everything rises in hyperbloated rates except salaries? Why is responsible Average Joe, if the POTUS takes no responsability? If you are, say a nurse, changing financial habits, or house, or states, few can be done if you earn very few money working 12 hours per day. What use has personnal responsability if oil rises a 300% in seven years, groceries, housing, everything rises in hyperbloated rates except salaries? Why is responsible Average Joe, if the POTUS takes no responsability? If you are, say a nurse, changing financial habits, or house, or states, few can be done if you earn very few money working 12 hours per day.

]]> By: erock http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-2/#comment-4285514 erock Sat, 01 Mar 2008 16:44:03 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285514 and when was that? I never had such a course, and youngsters today certainly don’t have such a course. Your anecdote is not universal, by any means. You must think we live in a free country. That isn’t the case. Comment by Lefty Patriot — March 1, 2008 @ 10:19 am Look, there's absolutely nothing stopping schools from teaching personal finance. Like I said, a course that touched on it was offered in my time. Yes, its true there's nothing motivating them to do so, but likewise there's nothing preventing them from doing so either. If you want to point to underfunding in poorer areas as a reason why they don't teach such courses...fine. I suppose that the financial constraints could be attributed to the "system" but I don't think that's really what you were driving at. I actually taught in a high school 3 years ago that also offered a course in economics with some attention paid to personal finance. It wasn't required and certainly wasn't popular but it was there. and when was that? I never had such a course, and youngsters today certainly don’t have such a course. Your anecdote is not universal, by any means. You must think we live in a free country. That isn’t the case.

Comment by Lefty Patriot — March 1, 2008 @ 10:19 am

Look, there’s absolutely nothing stopping schools from teaching personal finance. Like I said, a course that touched on it was offered in my time. Yes, its true there’s nothing motivating them to do so, but likewise there’s nothing preventing them from doing so either. If you want to point to underfunding in poorer areas as a reason why they don’t teach such courses…fine. I suppose that the financial constraints could be attributed to the “system” but I don’t think that’s really what you were driving at.

I actually taught in a high school 3 years ago that also offered a course in economics with some attention paid to personal finance. It wasn’t required and certainly wasn’t popular but it was there.

]]> By: Lefty Patriot http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-1/#comment-4285484 Lefty Patriot Sat, 01 Mar 2008 15:52:55 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285484 What is stopping the education system from discussing it? No Child Left Behind… Comment by katy — March 1, 2008 @ 10:39 am just so. What is stopping the education system from discussing it?

No Child Left Behind…

Comment by katy — March 1, 2008 @ 10:39 am

just so.

]]> By: katy http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-1/#comment-4285477 katy Sat, 01 Mar 2008 15:39:37 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285477 <em>What is stopping the education system from discussing it?</em> No Child Left Behind... What is stopping the education system from discussing it?

No Child Left Behind…

]]> By: Lefty Patriot http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-1/#comment-4285475 Lefty Patriot Sat, 01 Mar 2008 15:19:36 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285475 Allowing? What is stopping the education system from discussing it? The economics course my high school offered actually had a personal finance section in it. Comment by erock — March 1, 2008 @ 9:02 am and when was that? I never had such a course, and youngsters today certainly don't have such a course. Your anecdote is not universal, by any means. You must think we live in a free country. That isn't the case. Allowing? What is stopping the education system from discussing it? The economics course my high school offered actually had a personal finance section in it.

Comment by erock — March 1, 2008 @ 9:02 am
and when was that? I never had such a course, and youngsters today certainly don’t have such a course. Your anecdote is not universal, by any means. You must think we live in a free country. That isn’t the case.

]]> By: Evil Spaniard http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-1/#comment-4285472 Evil Spaniard Sat, 01 Mar 2008 15:02:25 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285472 <em>If anything the education establishment is to blame for not teaching personal finance and responsibility. Comment by muckdog — February 29, 2008 @ 10:13 pm</em> "Go shopping" - G.W. Bush. If anything the education establishment is to blame for not teaching personal finance and responsibility.

Comment by muckdog — February 29, 2008 @ 10:13 pm

“Go shopping” – G.W. Bush.

]]> By: PeterW http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-1/#comment-4285456 PeterW Sat, 01 Mar 2008 14:14:21 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285456 This is what happens when you ship the good jobs overseas. People have an evolutionary imperative to maintain status - and our media shows us a (fantasy) world of boundless wealth. Desperate to maintain status, with manufacturing (and now tech) jobs going to semi-slave workers in China, people are having to borrow from their cards and houses to maintain the illusion of "keeping up with the Joneses". This is what happens when you ship the good jobs overseas.

People have an evolutionary imperative to maintain status – and our media shows us a (fantasy) world of boundless wealth. Desperate to maintain status, with manufacturing (and now tech) jobs going to semi-slave workers in China, people are having to borrow from their cards and houses to maintain the illusion of “keeping up with the Joneses”.

]]> By: Doc Rock http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-1/#comment-4285451 Doc Rock Sat, 01 Mar 2008 14:05:32 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285451 Why should people be any more responsible borrowers than their government? Why should people be any more responsible borrowers than their government?

]]> By: erock http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-1/#comment-4285449 erock Sat, 01 Mar 2008 14:02:22 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285449 Well, you’re wrong. “Common sense” ins’t so common, and the establishment has poured billions of advertising do;;ars inot brainwashing Aemricans from the day they’re born, without allowing the education system to tell us the truth of it. Comment by Lefty Patriot — March 1, 2008 @ 3:33 am Allowing? What is stopping the education system from discussing it? The economics course my high school offered actually had a personal finance section in it. Well, you’re wrong. “Common sense” ins’t so common, and the establishment has poured billions of advertising do;;ars inot brainwashing Aemricans from the day they’re born, without allowing the education system to tell us the truth of it.

Comment by Lefty Patriot — March 1, 2008 @ 3:33 am

Allowing? What is stopping the education system from discussing it? The economics course my high school offered actually had a personal finance section in it.

]]> By: theswan http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-1/#comment-4285436 theswan Sat, 01 Mar 2008 13:21:34 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285436 When the Bush backed bankrupcy bill comes into play, we will see what "the haves and the have nots" really means. George and his cronies will control America's total wealth. And he may be the only person in the ball park watching his Roger Clemens. When the Bush backed bankrupcy bill comes into play, we will see what “the haves and the have nots” really means.
George and his cronies will control America’s total wealth. And he may be the only person in the ball park watching his Roger Clemens.

]]> By: piltdown http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-1/#comment-4285432 piltdown Sat, 01 Mar 2008 09:48:49 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285432 The gold standard will fix this! Ron Paul! Ron Paul! *shakes head* The gold standard will fix this! Ron Paul! Ron Paul!

*shakes head*

]]> By: Lefty Patriot http://thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/comment-page-1/#comment-4285429 Lefty Patriot Sat, 01 Mar 2008 08:33:33 +0000 http://edit.thinkprogress.org/2008/02/29/credit-card-market-a-potential-disaster-in-waiting/#comment-4285429 Eh, not really. More that there’s just no time for it. Also I think it should probably be common sense that it’s a bad idea to spend a great deal more than you make. I think this is more the result of people living at the means they have grown accustomed to despite a waning economy. Comment by erock — February 29, 2008 @ 10:32 pm Well, you're wrong. "Common sense" ins't so common, and the establishment has poured billions of advertising do;;ars inot brainwashing Aemricans from the day they're born, without allowing the education system to tell us the truth of it. Eh, not really. More that there’s just no time for it. Also I think it should probably be common sense that it’s a bad idea to spend a great deal more than you make. I think this is more the result of people living at the means they have grown accustomed to despite a waning economy.

Comment by erock — February 29, 2008 @ 10:32 pm

Well, you’re wrong. “Common sense” ins’t so common, and the establishment has poured billions of advertising do;;ars inot brainwashing Aemricans from the day they’re born, without allowing the education system to tell us the truth of it.

]]>