No it doesn't, it means another family is thrown on the street, which becomes a drain on government services. How many job losses so far this year 700,000, with thousands more acknowledged to be lost just in the finance industry because of today's crash. Every job lost means another job lost in an affiliated industry meaning less money to spend, leading to further business down turn, leading to more layoff leading to more defaults. With "at least" another 5 million home default expected by 2012 how many more families will end up on the street or relying on welfare? Debt doesn't disappear, someone must pay and it is ALWAYS the worker that get stuck with the bill..
Go to this site Gaar http://mwhodges.home.att.net/nat-debt/debt-nat.htm. It will give you all the info you need, it is very comprehensive. He is a believer in the free market, Milton Freidman and Ludwig Von Mises, who I think are imbeciles. Nevertheless, this guy is very worried about the US debt situation and has gone to a great deal of trouble compiling data from the Fed Bureau of stats to warn Americans of the gravity of this problem. Its no good telling me to keep a perspective on things when capitalist economists are predicting as Greenspan said "a once in a hundred year recession". He said that, not me. You need to come to grips with what is really occuring. Go to bloombergs now, see for yourself. On Sep 16, 11:12 pm, Gaar <[EMAIL PROTECTED]> wrote: > Frank, > > What you fail to realize is that with each Foreclosure, that number > changes, for the better. > > The reason it got so bad was because of these bad Loans, and once they > work their way out of the System, we are heading back up. > > Yes, there may be as many as 5% - 7% of Total Mortgages that may end > up being affected, overall and those are going to take a bit to work > through.. > > But may I remind you that means that at LEAST 93% will in FACT > continue to pay their Mortgages on time without problems. > > During the Great Depression, that number went up to well over 50%. > > So let's try to keep a bit of perspective on this, shall we? > > On Sep 16, 6:07 am, Frank <[EMAIL PROTECTED]> wrote: > > > Gaar, > > > The main concern with the debt is not the collateral, it is the > > ability to service it. Last year US debt grew 5.5 times that of GDP, > > meaning America can not keep up with current debt repayments and > > requires one trillion in loans per annum to finance debt, further > > compounding the problem. I can't remember the precise figure (do a > > google search), but the average US household debt is over 100% of > > income over per annum. Any collateral they have is owned by finance > > companies. > > > On Sep 16, 10:47 pm, Gaar <[EMAIL PROTECTED]> wrote: > > > > Perhaps those who have been railing on about this would be good enough > > > to also tell us how much "Net Worth" JUST American Households have, > > > not including the Net Worth of our Governmental Assets?!?!?!?!? > > > > Anyone?- Hide quoted text - > > > - Show quoted text - --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
