Living paycheck to paycheck with the housing albatross – Survey finds one in three Americans unable to make their mortgage or rent payment beyond one month if they lost their job. 61 percent unable to make payments beyond five months.
One of the unnerving revelations brought about by the current recession is how many Americans are living precariously close to the economic edge. The Band-Aid of credit cards, home equity loans, and other vehicles of debt masked the problem for many years. Debt was rolled over on a continuous basis and as long as the […]
The punishment of the American saver – JP Morgan Chase CEO makes 843 times the median household income and pays his Chase customers 0.01 percent on their savings.
The current financial system is designed to punish old school savers. By definition in our debt based economy those who save are actually taking fuel out of the consumption based economy. Spendthrifts are the high octane that keeps things spinning even if it comes with a high debt price tag. You see this occurring in […]
The Big Change: Massive financial volatility and the occupation of Wall Street – when the middle class breaks protests will hit the financial streets. Poverty in the suburbs and rising food costs.
When the basic costs of living move up there is bound to be shocks deep in the economy. As we mull over the humbling Census data, it is clear that many Americans are struggling in this modern day economy that protects the banks at the cost of the majority. Let us call a spade a […]
The coming failure of Operation Twist – The Federal Reserve resurrects a program from the 1960s named after the Twist Dance. Appropriate timing for a Dancing with the Stars nation.
The Federal Reserve has literally run out of ideas. Operation Twist, a throwback to the 1961 action taken by the Fed named after the Twist Dance fad at the time, is now back in 2011. This time the Fed plans to purchase $400 billion of bonds with 6 to 30 year maturities while selling bonds […]