Nearly Half of Americans Are ‘Financially Fragile’ - Real Time Economics - WSJ

[hippie]

“Taken together with those who would pawn their possessions, sell their home, or take out a payday loan, 25.7% of respondents who were asked about coping methods (equal to 18.6% of all respondents) would come up with the funds for an emergency by resorting to what might be seen as extreme measures,” the authors write. “Along with the 27.9% of respondents who report that they could certainly not cope with an emergency, this suggests that approximately 46.5% of all respondents are living very close to the financial edge.”

http://blogs.wsj.com/economics/2011/05/23/nearly-half-of-americans-are-financially-fragile/?mod=e2fb

 

[Covertibility]

Really, who cares.

 

[achilles28]

Nearly half of Americans say that they definitely or probably couldn’t come up with $2,000 in 30 days, according to new research, raising concerns about the financial fragility of many households.

That's insane and telling.

When Greece visits America, half the country will have NOTHING to fall back on. 150 Million people. Chaos.

 

[psytrade]

At least Greeks know how to farm, entertain and cook...

 

[joe4422]

I wonder how many Chinese families could come up with 2,000 dollars in 30 days

 

[adadadog]

The article is misleading. Most U.S. families do not use cash, but charge on credit cards for emergency.

 

[achilles28]

Quote from adadadog:

The article is misleading. Most U.S. families do not use cash, but charge on credit cards for emergency.

Credit will be scarce, shortly. Another WSJ article had 25% of homeowners underwater.

 

[achilles28]

Quote from joe4422:

I wonder how many Chinese families could come up with 2,000 dollars in 30 days

Apples and oranges. 2K goes a long way in China. And nearly 40% of it's population work farms. Hardly the case in America.

 

[S2007S]

As long consumers can buy the latest smartphone, lease a $50,000 luxury car for $649 a month and buy $10 mixed drinks everything is fine and dandy in this ever worthless economy!

 

[S2007S]

Quote from achilles28:

Apples and oranges. 2K goes a long way in China. And nearly 40% of it's population work farms. Hardly the case in America.

40% today might work on farms, but that number is going to drop significantly over the next couple of decades, they will be lucky to have 40% in the next 5 years or so working on farms, anyone growing up in China at right now is not becoming a farmer, period.