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This crisis is NOT a crisis caused by one particular type of loan/debt... it was caused by a TSUNAMI of ALL types of debt... IE: mortgage debt, home equity debt, consumer credit debt, credit card debt, auto loan debt, commerical real estate debt, municipal debt, corporate debt and on and on... whether they were prime, subprime, alt-a or XYZ-type loans, they ALL contributed to the tsunami of debt.
Subprime was simply the first link to break in an extraordinarily over-stretched chain of debt. Alt-A option arm loans are now defaulting at the same rate or at an even higher rate than subprime... Prime loans are not far behind... we’ve only seen the tip of the iceberg in prime foreclosures.
ANY loan that was taken out when the market was grossly over-valued was a bad loan. (stop for a minute and let that sink in). If someone with perfect credit, full income documentation and a 20% down payment bought a house (or a commercial building) that was 40% over-priced, then that too was a bad loan.
One Trillion (ONE) is $1 per second for 32,000 years... without interest! In the U.S., we owe over 11 TRILLION dollars in home mortgage debt and 2.6 Trillion in consumer credit debt.
Americans took out and spent over 1 Trillion dollars in home equity loans from 2000 - 2007. They spent it on clothes, cars, boats, RV’s, 2nd homes, nannies, private schools, fine wine, fabulous vacations, etc. That home-ATM has been cut off... which is playing a huge part in unemployment...
Those debt-fueled jobs are not coming back any time soon! Obamacare, Cap and Trade and Card Check will only make unemployment worse!!
Cities are broke, states are broke, the Federal Gov't is broke!
Until we understand the scope of this debt crisis, we are not going to be able to deal with it... assuming there is any way to deal with it at all... it is exponentially bigger than people realize.
It took water...and stayed afloat...without pamic...at least for a little while
Then the cables snapped...sinking fast...
So...just like the Titanic...the sinking economy or CRASH will create a vacuum as the ship sub-merges and suck whatsever is left of the good creditors into the abyss of bad debt...making them ripe for judgments and repossessions...the tools of the illumunati...liens...rights...warrants...attachments...judgments...summons...asset discovery...
The 3-credit bureaus, tax system will enslave you..." If Americans had freedom...they wouldn't know what to do with it...because they have never had it. "
Take the case of a young German girl collecting unemployment in Germany. A brothel found-out... they forwarded her name to the agency for unemployment...she was to report to the brothel to be considered for work or have her unemployment compensation denied...the brothel hired her against her will...
And so it is with Amerika. Americans will be forced into social situations that normally they would not choose. Slavery...going against another person's will...but done in such a way...it's done in a social context...a hidden agenda...forced into social situations...the corporate brothel has legalized rape...in Germany...check it out on the web...soon...coming to Amerika.
I see 2010 as the GREAT Sodam and Gamorah. It will be the snuff and slaughter of accumulated hard work and wealth...the inheritance of the Baby Boomers from their WW-II parents...will be taken from them... The WW II wealth that is being inherited...is really the last vestage of wealth...very little new wealth is being created today... The illuminati are after the WW II wealth... that is being passed on...when it is gone...the slave nation of Amerika will be theirs' to dictate...
This crisis is NOT a crisis caused by one particular type of loan/debt... it was caused by a TSUNAMI of ALL types of debt... IE: mortgage debt, home equity debt, consumer credit debt, credit card debt, auto loan debt, commerical real estate debt, municipal debt, corporate debt and on and on... whether they were prime, subprime, alt-a or XYZ-type loans, they ALL contributed to the tsunami of debt.
ReplyDeleteSubprime was simply the first link to break in an extraordinarily over-stretched chain of debt. Alt-A option arm loans are now defaulting at the same rate or at an even higher rate than subprime... Prime loans are not far behind... we’ve only seen the tip of the iceberg in prime foreclosures.
ANY loan that was taken out when the market was grossly over-valued was a bad loan. (stop for a minute and let that sink in). If someone with perfect credit, full income documentation and a 20% down payment bought a house (or a commercial building) that was 40% over-priced, then that too was a bad loan.
One Trillion (ONE) is $1 per second for 32,000 years... without interest! In the U.S., we owe over 11 TRILLION dollars in home mortgage debt and 2.6 Trillion in consumer credit debt.
Americans took out and spent over 1 Trillion dollars in home equity loans from 2000 - 2007. They spent it on clothes, cars, boats, RV’s, 2nd homes, nannies, private schools, fine wine, fabulous vacations, etc. That home-ATM has been cut off... which is playing a huge part in unemployment...
Those debt-fueled jobs are not coming back any time soon! Obamacare, Cap and Trade and Card Check will only make unemployment worse!!
Cities are broke, states are broke, the Federal Gov't is broke!
Until we understand the scope of this debt crisis, we are not going to be able to deal with it... assuming there is any way to deal with it at all... it is exponentially bigger than people realize.
Very much like the Titanic...
ReplyDeleteIt took water...and stayed afloat...without pamic...at least for a little while
Then the cables snapped...sinking fast...
So...just like the Titanic...the sinking economy
or CRASH will create a vacuum as the ship sub-merges and suck whatsever is
left of the good creditors into the abyss of
bad debt...making them ripe for judgments and
repossessions...the tools of the illumunati...liens...rights...warrants...attachments...judgments...summons...asset discovery...
The 3-credit bureaus, tax system will enslave you..." If Americans had freedom...they wouldn't know what to do with it...because they have never had it. "
Take the case of a young German girl collecting unemployment in Germany. A brothel found-out...
they forwarded her name to the agency for unemployment...she was to report to the brothel
to be considered for work or have her unemployment compensation denied...the brothel
hired her against her will...
And so it is with Amerika. Americans will be forced into social situations that normally they
would not choose. Slavery...going against
another person's will...but done in such a way...it's done in a social context...a hidden
agenda...forced into social situations...the corporate brothel has legalized rape...in Germany...check it out on the web...soon...coming to Amerika.
I see 2010 as the GREAT Sodam and Gamorah.
It will be the snuff and slaughter of accumulated
hard work and wealth...the inheritance of the
Baby Boomers from their WW-II parents...will be
taken from them...
The WW II wealth that is being inherited...is
really the last vestage of wealth...very little
new wealth is being created today...
The illuminati are after the WW II wealth...
that is being passed on...when it is gone...the slave nation of Amerika will be theirs' to dictate...