Comments on: US Banks Are Not Alone – Global Insolvency

By: RR

RR — Sun, 26 Oct 2008 06:11:13 +0000

idrnkurmlkshk, try CET, for example. The rule number one – don’t store the gold here so gov can seize it.

By: Mr. Mortgage’s Guide to the TRUTH! » Its The End of the World As We Know It

Sun, 26 Oct 2008 00:56:29 +0000

[...] Doing the Nasty on $280 Billion in Alt-A…Largest EverMr Mortgage – September CA Foreclosure ReportUS Banks Are Not Alone – Global InsolvencyAmerica’s Mark-to-Model (Level 2) Banking SystemWachovia’s New Pay Option ARM Plan – ‘The [...]

By: Money Man

Money Man — Tue, 14 Oct 2008 00:08:41 +0000

It’s over and life that was financed as we “knew” it is long gone. It is not a brave new world but a dark, bleak, and pain filled void filled with fat cats running the show. Joe 6 Pack can watch TV all he wants but his ass belongs to the Gov’t. Every generation from here going forward is a lost generation and you heard it here first. Hope things change…but unless Americans revolt….it will be biz as usual. Gov’t gets bigger and citizens get pinched harder.

By: michaela

michaela — Mon, 13 Oct 2008 18:07:03 +0000

Is that because they’re afraid that you’ll take their milkshake?

By: idrnkurmlkshk

idrnkurmlkshk — Mon, 13 Oct 2008 14:39:33 +0000

That’s funny. My credit limit just increased with Master Card.

By: bubble_watcher

bubble_watcher — Mon, 13 Oct 2008 03:31:12 +0000

The confiscation of gold. Now that’s a *pleasant* thought…

However, this time around, the confiscation of gold will have to happen under military force. Of course, the military (foreign or domestic) won’t stop with just gold.. They will confiscate or destroy anything and everything that you value the most, including your life.

By: Dingo

Dingo — Mon, 13 Oct 2008 01:08:06 +0000

michaela

My credit limit on that business Visa is still $15,000. But the hugely increased minimum payment means that Compass Bank suddenly became interested in getting it’s money back… and quick. I don’t totally mind because I knew all along that I should pay it off.

When this same scenario plays out with working families that are already stretched to the limit it’s going to push many people over the edge. My minimum payment went from $150 to $650 and that’s on just $10,000 in debt. OUCH! My credit score was over 800 the last time I checked. I can only imagine how they’d treat me if it was a couple of hundred points less. Banks want their money back from everyone.

By: idrnkurmlkshk

idrnkurmlkshk — Mon, 13 Oct 2008 00:29:21 +0000

Gold is irrelevant. All the gov’t has to do is confiscate your gold like they did last time.

By: michaela

michaela — Sun, 12 Oct 2008 23:33:23 +0000

Dingo,
in addition it may totally screw up your credit. By lowering your available credit, your utilization went up. There can be as much as 60 or 70 point difference between a 30% and a 50% utilization, even, if like in this case, your owed amount didn’t change.

By: Dingo

Dingo — Sun, 12 Oct 2008 22:16:32 +0000

This morning I opened my companies credit card statement and I’ve been “deleveraged.”

Each month I charge approximately $2000 and pay off the previous month’s $2000. Underneath this amount sits $10,000 in accumulated debt.

My minimum payment just jumped from about $150 to $650 per month! This doesn’t effect me because I always pay $2000 but it’s certainly a change in terms. I guess I’m going to take a pay cut and use the extra money to pay off the entire balance in the next 5 or 6 months.

This experience tells me a lot about whats happening to regular people. Families used to make $5000 per month but spent $6000. This year families will still make $5000 per month but spend only $4000 because (like it or not) they’ll be paying down loans.

Retail is going to get killed. There is way too much capacity.