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CreditCrisis
Gallup Poll: Americans Falling Deeper into Debt
By Ria Misra - Politics DailyA new Gallup poll shows that not only are more Americans increasing their debts during this recession, fewer are climbing out of debt. For July, 27 percent of Americans said they were deeper in debt -- an increase since March, when the figure was at 21 percent. Similarly, 29 percent said they had managed to decrease their debt, but in March, that figure was over 33 percent. Gallup put a positive spin on the news, saying the fact that consumers were using credit during the crunch was at least some good news for the economy. When viewed in combination with another figure from the poll, though ...
Informed Reader Response: Crisis of Credit
By David Knowles - Politics DailyEarlier today, Dave posted a video made by Jonathan Jarvis that seeks to explain just how we got into our current financial mess (watch it here). I sent the link to somebody whose opinions on financial matters I have come to trust over the years. A retired executive in the banking industry, she offers the following critique and praise for the video:David, It's not bad. However, it is still a bit skewed despite attempting to sound matter of fact and neutral. Because of that I'd say it's not really all that helpful.1. Government policy has been to encourage home ownership and the "American ...
McCain's Mortgage Bait-and-Switch
By Tommy Christopher - Politics DailyThere was a moment during Tuesday's debate that felt a lot like that episode of Oprah, where she suddenly blurted out, "Everybody gets a car!" Suddenly, out of nowhere, John McCain pulled a fantastic giveaway out of some hidden orifice, a plan to buy up bad mortgages. He triumphantly announced that it was "my proposal, it's not Sen. Obama's proposal, it's not President Bush's proposal." As president of the United States, Alan, I would order the secretary of the treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes -- at the ...
Federal Bailout or Terrifying Police State?
By Ken Layne - Politics DailyHe was right there on C-SPAN, an actual congressman and opponent of the Bush Administration's bailout of Wall Street, speaking on the House floor about those mysterious warnings Henry Paulson supposedly gave to the doubting lawmakers before the $700 billion bill was first rejected by Congress."The only way they can pass this bill is by creating and sustaining a panic atmosphere," Congressman Brad Sherman said Thursday. "Many of us were told in private conversations that if we voted against this bill ... there would be martial law in America."The next day, the House passed the Senate's version ...
Playing Politics with Economic Fire
By David Knowles - Politics DailyWhat we've witnessed over the course of the last week is something of a perfect storm. With the financial sector teetering on the brink, and election year politics in full swing, reason, foresight, and an orderly distribution of life preservers, have been sacrificed for tantrums of the here and now. Who is to blame for the economic mess we are only starting to glimpse? Everyone. You, me, Wall Street, the Bush Administration, Congress, television pundits, the whole lot of us. A pox on all of our houses! Americans have long been living on credit. Not just the poor, who often didn't qualify in ...
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