Meanwhile, the Bank of America is a real bank. With real mom and pop customers. And the poor moms and the poor pops are going bust. They can’t pay their bills.
October 20th, 2009 | Bill Bonner | 0 comments | ContinuedAll Posts Tagged With: "credit card"
Can Governments and Central Banks Prevent More Credit Writedowns?
Are we changing our tune, then, about what to expect from markets? Not one bit. But the question now is timing. The collapse of 2008 was so severe because of the sudden reduction in leverage in the financial sector. As assets fell in value, the most highly leveraged firms (or lenders who raised money by selling debt) went out of business.
October 12th, 2009 | Dan Denning | 34 comments | Continued
At a Time When We Are Drowning in Debt, We Are Also Out of Money
When a debtor is out of money, he has no ability to repay. And when a creditor has borrowers who are out of money, the creditor has no income. No earnings. No power to make better loans.
September 17th, 2009 | Bill Jenkins | 3 comments | Continued
Biggest Problem With US Economy is Too Much Debt
Debt is ubiquitous across US society. Debt permeates the culture. Practically the whole nation has bitten off more than it can chew.
September 2nd, 2009 | Byron King | 0 comments | Continued
One in Four US banks Announce Unprofitable Quarter
“Friday’s edition of The Wall Street Journal picks up on the theme of the long road of pain ahead for bank shareholders in the US,” colleague Dan Amoss tells us. “In ‘Banks on Sick List Top 400,’ the WSJ details several ugly highlights from the latest FDIC Quarterly Banking Profile, published last Thursday.
September 1st, 2009 | Bill Bonner | 0 comments | Continued
Don’t Pay Your Debt: A Page from the Fed’s Playbook
Perhaps I am just a stupid guy who cannot see that he is being handed a terrific opportunity, as Ms. Dungan agrees, “Finally something that we can all get behind: Don’t pay your bills. It’s not my idea, although it has appeal. It’s the Fed’s and it’s the cornerstone of the new Homeownership Preservation Policy”…
February 11th, 2009 | Mogambo Guru | 0 comments | Continued
Playing the Tax Credit Card
One of Obama’s prime campaign planks has been his promise to mercilessly raise taxes on the “rich,” a group initially defined as those making more than $250,000 per year. This was later dropped to $200,000 per year, and more recently has been defined as those Americans making more than $150,000 annually.
November 6th, 2008 | The Daily Reckoning | 1 comment | Continued
Chinese Consumers Are Getting Shiny New Credit Cards
If you think that lack of financing is the only thing holding China back from consuming, consuming, consuming like we Westerners do, then prepare for a shock, as from atimes.com we get the report that “China’s Shoppers Stock Up On Cards” by Catherine Jiang. She writes, “Chinese consumers, until now recognized as among the world’s most determined savers, are adding credit cards to their wallets in record numbers…
July 22nd, 2008 | Mogambo Guru | 0 comments | Continued
Australian Credit Card Debt Grew by 9% in February
Total Australian credit card debt grew at 9% in February 2008, from $39.5 billion to $43.25 billion. Interest-bearing debt grew by 9% to $31 billion. Even worse, the average interest rate Australians pay on credit card debt leapt from 17.6% to 19.4%. Thanks to the rise in rates, credit card interest rates are 20% higher than this time last year. And it means, with current balances, Aussies are paying about $500 million in interest on stuff they already bought. Is it too late to buy into the Visa IPO?
April 18th, 2008 | Dan Denning | 4 comments | Continued