nova

Credit Card Crunch: Creating a New Generation of Subprime

America consumers have lived well above their heads for a long time. It could not go forever. It is this simple.

How long will Chinese and Germans subsidize US consumers who cannot pay and have no desire to pay? Thanks to Bush and Obama they did realize that they were conned.

The sooner we clear the deck and realize that we must pay for things we buy and/or get is better for all of us.

The only message I got from this article was that we have a long way down. Well, we knew it.

In conclusion, this economic & political crisis will not be over before US consumers & businesses & government financial discipline is restored regardless what our politicians say or do. So far, there is no light at the end of this crisis tunnel.

Credit Card Cancer

yellowhoard wrote:
> The Chinese are divesting themselves of dollars as we speak. They'll be the largest owner of natural resource companies by the end of the next year or two. Can't say I can blame them.

Washington could not be making it any clearer to the world that the US has no intention of paying back our loans with nothing more than monopoly money.<

Just today news:
Iran, China sign $3.2 billion gas deal

TEHRAN, Iran (AP) — State TV says Iran and China have signed a $3.2 billion gas deal to produce more than 10 tons of liquid natural gas.

The deal was signed in Tehran between Iran LNG Company and a Chinese-led consortium, the report said.

The Chinese company will build a line to liquefy gas in Phase 12 of the giant South Pars Gas Field in southern Iran. It didn't give further details.

The United States is pushing for China and others to abide by United Nations sanctions aimed at pressuring Iran to rein in its nuclear program.

Iran has trumpeted recent energy deals as a vindication against U.S. efforts to isolate Tehran.

PS
1. The USA are paying dearly for its indiscriminate support of Israeli international outlaw actions.

2. As for Peter Schiff article, it is excellent. The longer America foolows the failed Bush & Obama & Congress policies, the more desperate situation America is getting in.

Sign of the Times: American Express Will Pay You to Leave

American Express started to shows prudence and ingenuity.