Be honest: Who here has noticed lack of credit, hardship borrowing, etc?

[NKNY]

Quote from ByLoSellHi:

I can borrow as much as I ever could, on my credit cards, my house, whatever.

I honestly don't see any signs of any of this talk of 'frozen credit' markets due to this weird spike in LIBOR over the past few days.

Be honest. Do any of you? Have you had personal experience or knowledge of people not getting loans or credit, or having other such problems, which is the whole impetus behind this bullshit bailout they're shoving down our taxpaying throats?

Had one of my helocs turn into a repayment loan only. They claimed home values in the have dropped...

Had my amex decline my business credit card limit after I paid in in full. And my fico is over 700 on all three CRA'.

Tried to get money on three family investment homes and the ltv's have dropped to 60 65 and 70 % where as before I could have pulled out 90%.


So yes... It has effected me.... but I just got a new discover card...lol


Nick

 

[Mecro]

Quote from Pa(b)st Prime:


I'll give you a economics primer: Without wage growth there would be no inflation.

Ahh, you are Keynesian, lol. That explains volumes about your warped logic.

Right, inflation goes past wage growth, yet somehow it's the rising wages fault. Hilarious argument.

I suggest learning what exactly fractional reserve banking is, its history and exactly how it is the Fed was founded & how it works. It's real simple, really, a concept quite old and that has gotten a certain groups being run out of villages, towns & countries for manipulating money to enrich themselves. A century or two ago, the practice ended up being legalized.

Regardless, reality is already here and you can stay blind for only so long.

 

[otherside]

My credit is still good. Every time I push in my 4 digit code, I still get credit to pay my grocery bill with the foodstamp credits I earn.

And at Superpawn, Larry still is lends me a 20 spot on Monday that I repay with 25 bucks on Friday.

Life is still good for me...except that I only get $10 per manhole cover I bring in to support the steel industry, when I used to get $15.00.

Gotta go...the shuttle is here to take me to play some blackjack and bingo.

 

[Mecro]

Quote from Pa(b)st Prime:

http://www.ssa.gov/OACT/COLA/AWI.html

1986 average wage $ 17,321.82

1996 average wage: $ 25,913.90

2006 average wage $38,651.41

You're not too good with research. Read into how those numbers are calculated. BLS is the standard government source, not SSA.

Regardless, M3 went up 5-fold during the same period. We can also check the prices of gas, food, energy, medical, housing really, any vital goods during the same period.

 

[Pa(b)st Prime]

Quote from Mecro:

You're not too good with research. Read into how those numbers are calculated. BLS is the standard government source, not SSA.

Regardless, M3 went up 5-fold during the same period. We can also check the prices of gas, food, energy, medical, housing really, any vital goods during the same period.

I know Labor stats are better. I couldn't find historical data from labor. I know it's accessible because I've seen it before but I'm trading and posting not a lot of time for surfing and searching. If you have it post it. I doubt there'll be any meaningful differences in data.


Once again the rate of inflation has NOTHING TO DO with cash on the argument, per se'. Home prices in SoFla are ALSO up 3-5 fold in this period. Go back to the early 90's and stocks too are up 5 fold. The point is MANY Americans are very insulated by the downturn. One look at 2008 baseball attendance confirms that.

 

[Mecro]

Quote from Pa(b)st Prime:

I know Labor stats are better. I couldn't find historical data from labor. I know it's accessible because I've seen it before but I'm trading and posting not a lot of time for surfing and searching. If you have it post it. I doubt there'll be any meaningful differences in data.

http://www.bls.gov/ces/#tables

Simple data in there which you can cross run past inflation, real and the "official". The results are not pretty, which is why you can find tons of articles from mainstream news sources complaining about lack of wage growth. Nominally they are growing, because they have to grow, but nowhere enough to keep up with the increase of the basic cost of living.
Really, considering how unemployment is calculated, even these numbers are massaged. Still, they are just not keeping up. Also, what about the rising taxes, they are not considered at all.

Once again the rate of inflation has NOTHING TO DO with cash on the argument, per se'. Home prices in SoFla are ALSO up 3-5 fold in this period. Go back to the early 90's and stocks too are up 5 fold. The point is MANY Americans are very insulated by the downturn. One look at 2008 baseball attendance confirms that.

Ok well you are talking about asset inflation. I'm not even sure of your general point.
If by insulated, you mean they have credit cards to continue to max out, then I guess I agree. The numbers speak for themselves, pull up any debt figures, be it personal, business, state, local (some locals are fine but not most) or federal. It's all by design, but since you are keynesian, you won't understand what I mean.

 

[BoyBrutus]

"I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a money aristocracy that has set the government at defiance. This issuing power should be taken from the banks and restored to the people to whom it properly belongs. If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered. I hope we shall crush in its birth the aristocracy of the moneyed corporations which already dare to challenge our Government to a trial of strength and bid defiance to the laws of our country"

THOMAS JEFFERSON

 

[Free Thinker]

Quote from Optionspoet:

That was the problem to begin with. People with poor credit scores were leasing new cars like there was no tomorrow. Now we are going back to the reasonable lending practices of the past and lo and behold, the customer base has disappeared. They are now buying used cars. If they don't have the cash, use the bus.

Pay your bills. Fix your credit. Save for a down payment. Buy a car you can afford. Maintain the car.

Simple process.

Financially savvy people know that a car is a depreciating and ultimately worthless asset. They will purchase the vehicle and hold it well after it has been paid off. The ignorant and idiots of the country are those that lease cars they could not otherwise afford with no down payment and repeat the process every 2-3 yrs.

actually people who leased vehicles came out way ahead in this cycle. used vehicles are way down in price so those that leased when the car companies were figuring large residuals came out ahead.

 

[Pa(b)st Prime]

Keynesian? How do you figure? I'm the one who is merely telling the truth. Inflation in wages and assets has created a mini gentry class out of tens of millions, middle to senior white Americans. Many of them worked in government. Many of them own Dow 900. Many of them bought their home in Irvine or Tinley Park at 1978 valuations. I'm ANTI inflation but to deny the economic realities it's created is disingenuous. Besides this isn't exactly something new under the sun although I'd argue that in each successive cycle both the average American and people globally live better than ever before.

Quote from Mecro:

http://www.bls.gov/ces/#tables

Simple data in there which you can cross run past inflation, real and the "official". The results are not pretty, which is why you can find tons of articles from mainstream news sources complaining about lack of wage growth. Nominally they are growing, because they have to grow, but nowhere enough to keep up with the increase of the basic cost of living.
Really, considering how unemployment is calculated, even these numbers are massaged. Still, they are just not keeping up. Also, what about the rising taxes, they are not considered at all.




Ok well you are talking about asset inflation. I'm not even sure of your general point.
If by insulated, you mean they have credit cards to continue to max out, then I guess I agree. The numbers speak for themselves, pull up any debt figures, be it personal, business, state, local (some locals are fine but not most) or federal. It's all by design, but since you are keynesian, you won't understand what I mean.

 

[blackjack007]

well, I applied for and got a 0% visa card 3 months ago, in addition to 3 other cards i have. i also had another card's limit raised without asking for it. i recently bought a ferrari and was told i could have easily qualified for a 50,000 loan and possibly up to 100,000, but the rate was high so i ended up not borrowing (then again, maybe the salesperson was just saying it to encourage me to apply... you can't trust them). so from my vantage point, i see no credit crisis.

i also get offers for 4% and 5% fixed apr withdrawals from my visa/mc cards. they seem to be happy to lend money to me. if there's a credit crunch, it's happening to other people.