MandM
May 14th, 2008, 03:33 PM
The Financial Collapse Continues - Foreclosures Up 65% In April!
How in the world do foreclosures increase by 65 percent? Does anyone still doubt that the economy is starting to collapse?
Have any of you lost your homes? This is getting really scary:
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Source: http://shatteredparadigm.blogspot.com/2008/05/paying-for-our-greed-foreclosures-up-65.html
Foreclosures in the United States set another all time record in April, increasing over 65 percent from the same time period a year ago.
This is yet another indication that the biggest debt bubble in the history of the world is starting to burst.
For decades we have lived like kings and queens.....enjoying the biggest party the world has ever known.....but financed with ever increasing amounts of debt.
Now it looks like the party is over.
Once upon a time, the United States was the biggest creditor in the world. But those days are long gone. Now we are the biggest debtor nation to ever exist on the earth.
We were the richest nation in the world, but that was not enough for us. We always had to have a bigger car, a bigger house and an endless supply of "stuff". So our government piled up debt, our companies gorged on debt, and we made using credit cards into a national pastime.
Spending our own money wasn't even enough. We spent the money of our children, and of our grandchildren, and of their children, and now the national debt is more than 9 TRILLION dollars.....an amount that we will never be able to repay. And if you include the future liabilities that our government has committed us to such as future Social Security and Medicare payments, then the total is over 59 TRILLION dollars.
Now that many of our jobs have gone overseas, the price of gasoline is shooting through the roof, and people are losing their homes, do we find that Americans are learning their lesson?
No.
Instead we are squeezing everything we can out of our plastic. Total credit card debt in America is now over 790 billion dollars, and it is increasing at a rate which is four times faster than earlier this decade.
Instead of showing restraint, we have jammed the accelerator to the floor.....
(Article continues at source referenced above)
How in the world do foreclosures increase by 65 percent? Does anyone still doubt that the economy is starting to collapse?
Have any of you lost your homes? This is getting really scary:
-----
Source: http://shatteredparadigm.blogspot.com/2008/05/paying-for-our-greed-foreclosures-up-65.html
Foreclosures in the United States set another all time record in April, increasing over 65 percent from the same time period a year ago.
This is yet another indication that the biggest debt bubble in the history of the world is starting to burst.
For decades we have lived like kings and queens.....enjoying the biggest party the world has ever known.....but financed with ever increasing amounts of debt.
Now it looks like the party is over.
Once upon a time, the United States was the biggest creditor in the world. But those days are long gone. Now we are the biggest debtor nation to ever exist on the earth.
We were the richest nation in the world, but that was not enough for us. We always had to have a bigger car, a bigger house and an endless supply of "stuff". So our government piled up debt, our companies gorged on debt, and we made using credit cards into a national pastime.
Spending our own money wasn't even enough. We spent the money of our children, and of our grandchildren, and of their children, and now the national debt is more than 9 TRILLION dollars.....an amount that we will never be able to repay. And if you include the future liabilities that our government has committed us to such as future Social Security and Medicare payments, then the total is over 59 TRILLION dollars.
Now that many of our jobs have gone overseas, the price of gasoline is shooting through the roof, and people are losing their homes, do we find that Americans are learning their lesson?
No.
Instead we are squeezing everything we can out of our plastic. Total credit card debt in America is now over 790 billion dollars, and it is increasing at a rate which is four times faster than earlier this decade.
Instead of showing restraint, we have jammed the accelerator to the floor.....
(Article continues at source referenced above)