Political Discussion

New household debt numbers from the fed of NY's macroceon center for Q32020 suggests that household debt is higher than it was in Q12020:

According to the latest Quarterly Report on Household Debt and Credit, total household debt increased by $87 billion (0.6 percent) in the third quarter of 2020, more than offsetting the decline seen in the previous quarter. The data likely reflect improvements in economic activity and the labor market, as well as the positive impacts of relief measures provided through CARES Act provisions or offered voluntarily by lenders. Mortgage originations, including refinances, continued on their upward trend as homeowners continue to take advantage of the low interest rate environment.

Household Debt and Credit Report - FEDERAL RESERVE BANK of NEW YORK

Interactive charts illustrating trends in U.S. household debt and credit data
www.newyorkfed.org www.newyorkfed.org

Riddle me this, Uncle Joe, if household debt is going up, how can you tie it to an IMPROVEMENT in economic activity and the labor market? I know the argument that many economists make is that people feel more comfortable taking out loans because they know they can repay it, but there are two reasons a person takes out debt--because they want to or because they NEED to. 55 million Americans now have no private health insurance, Medicare or Medicaid. Evictions are starting up again and all those debts that no one paid in April are now coming back to haunt them. This spending is driven by need not want. This is the worst spin piece I have seen from the feds in a while. It's insulting how stupid they think we are.
 
nolalady said:
New household debt numbers from the fed of NY's macroceon center for Q32020 suggests that household debt is higher than it was in Q12020:

According to the latest Quarterly Report on Household Debt and Credit, total household debt increased by $87 billion (0.6 percent) in the third quarter of 2020, more than offsetting the decline seen in the previous quarter. The data likely reflect improvements in economic activity and the labor market, as well as the positive impacts of relief measures provided through CARES Act provisions or offered voluntarily by lenders. Mortgage originations, including refinances, continued on their upward trend as homeowners continue to take advantage of the low interest rate environment.

Household Debt and Credit Report - FEDERAL RESERVE BANK of NEW YORK

Interactive charts illustrating trends in U.S. household debt and credit data
www.newyorkfed.org www.newyorkfed.org

Riddle me this, Uncle Joe, if household debt is going up, how can you tie it to an IMPROVEMENT in economic activity and the labor market? I know the argument that many economists make is that people feel more comfortable taking out loans because they know they can repay it, but there are two reasons a person takes out debt--because they want to or because they NEED to. 55 million Americans now have no private health insurance, Medicare or Medicaid. Evictions are starting up again and all those debts that no one paid in April are now coming back to haunt them. This spending is driven by need not want. This is the worst spin piece I have seen from the feds in a while. It's insulting how stupid they think we are.
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We were going to refinance, but my wife lost her job. She has since gotten a part time job and returned to school to get her PsyD. We wanted to do a couple of major home projects this year (air conditioning, roof, and exterior painting). I was hoping the savings on the refi would allow us to do that, but... we will probably have to put most everything on hold for that.

The part time job has made so we can stockpile all the financial aid money she gets (hoping it get forgiven lol). I think about using that for some of the more minor things we want to do, but then I think about how next years state budget will affect our jobs and I just don’t want to touch it.

if this wouldn’t hav happened we would have been full steam ahead. I was excited about not have IG to pay for childcare this year. I did accomplish most of my goals from last year considering. Payed off almost all my CC debt From college and started a life insurance plan for my son.

I say this because i agree with you. This debt is more about necessity not about confidence in the future. My situation matches that.
 
Well, the increased debt means it's a strong economy for banks. I read the above of just a continuation of transfer of wealth to the wealthy and large corporations. Consumers are borrowing money because they need to and thus they have to pay interest. They are generating revenue for the lenders / investors while only becoming more in Need.

It's a sad cycle

Speaking of evictions, I have heard so many stories about evictions in the last week.

Such as a young family from Texas who's daughter has a medical condition where any type of disease could kill her. Both her parents lost their jobs back in March. Because they are not college educated they have been able to find no jobs that allow them to work from home. They have opted out of of getting jobs in the service industry because any type of exposure to the Coronavirus could kill their daughter. They want to protect her life above all else until a vaccine is available. They lost their unemployment benefits back in June when their jobs recalled them back to work and they declined to come back. They have not been able to pay rent or utilities since then. Their utilities can not but disconnected due to the medical equipment their daughter needs to survive. All their cash flow goes towards food, and paying for the in home care by medical professionals that their daughter requires daily.

Their landlord has already sought eviction and housing court have given them until December 31 to move out. Their landlord didn't care or want to hear about their situation. He just wanted his money or them out so he could get a tenant who can pay him money.

They have no money right now, and are looking at living in homeless shelters come the end of the year. Their daughter will go back to 24/7 hospitalization for her care.
 
What is the hang up with the covid relief funds for Americans? Oh, just protections for our corporate overlords so they don't have to be accountable for unsafe workplaces especially if those workplaces result in death of an employee:

In early October, Harvard researchers sounded an alarm: They released a report showing a pattern of coronavirus deaths surging soon after workers filed requests for workplace safety assistance from the U.S. Labor Department. The takeaway was clear: Workers are desperately begging the government to help protect them from a deadly pandemic, the government has been unresponsive, and lots of workers have subsequently died preventable deaths.

Today, a little more than a month after the study came out, the federal government is finally responding: A bipartisan group of Senate and House lawmakers have announced legislation to shield corporations from lawsuits when their lax safety standards kill more workers.

In practice, the legislation, which is being tucked into a larger COVID relief package, is a holiday-season gift for corporate donors: It would strip frontline workers of their last remaining legal tool to protect themselves in the workplace — at the same time the unemployment system is designed to financially punish those workers if they refuse to return to unsafe workplaces during the pandemic.

Unable to pass that federal liability shield legislation on its own, lawmakers from both parties have now come together in a grand show of post-election bipartisan unity to help their corporate donors create a hostage situation that’s something out of a dystopian sci-fi movie: Their proposal predicates long overdue and desperately needed unemployment assistance on the condition that corporations are given a get-out-of-jail free card when their profit-maximizing business practices extinguish the lives of employees.

www.dailyposter.com

Lawmakers Unify To Give Corporate Donors A License To Kill You

In the holiday spirit of bipartisan unity, a group of Democratic & GOP lawmakers join together to try to shield their corporate donors from lawsuits when they kill more workers.
www.dailyposter.com www.dailyposter.com
 
RenegadeMonster said:
Well, the increased debt means it's a strong economy for banks. I read the above of just a continuation of transfer of wealth to the wealthy and large corporations. Consumers are borrowing money because they need to and thus they have to pay interest. They are generating revenue for the lenders / investors while only becoming more in Need.

It's a sad cycle

Speaking of evictions, I have heard so many stories about evictions in the last week.

Such as a young family from Texas who's daughter has a medical condition where any type of disease could kill her. Both her parents lost their jobs back in March. Because they are not college educated they have been able to find no jobs that allow them to work from home. They have opted out of of getting jobs in the service industry because any type of exposure to the Coronavirus could kill their daughter. They want to protect her life above all else until a vaccine is available. They lost their unemployment benefits back in June when their jobs recalled them back to work and they declined to come back. They have not been able to pay rent or utilities since then. Their utilities can not but disconnected due to the medical equipment their daughter needs to survive. All their cash flow goes towards food, and paying for the in home care by medical professionals that their daughter requires daily.

Their landlord has already sought eviction and housing court have given them until December 31 to move out. Their landlord didn't care or want to hear about their situation. He just wanted his money or them out so he could get a tenant who can pay him money.

They have no money right now, and are looking at living in homeless shelters come the end of the year. Their daughter will go back to 24/7 hospitalization for her care.
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Its a terrible situation, however the landlords are not always some money hungry rich guy who is lighting cigars with 100 bills. Most of these people are still paying mortgages on the property. This is coming from someone who has a rental property and is by no means rich. The problem is not having any kind of safety net and allowing people with money to make up the rules that benefit them.

I'm not challenging you or saying you meant it that way, however, too often we spend time blaming the wrong people.

No one should go bankrupt or die because they have a health problem, period.

Our health care system is abhorrent and I blame the insurance companies mostly, then Hospital cartels, and finally our government for allowing this criminal enterprise to exist in the first place.
 
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Ethos99 said:
Its a terrible situation, however the landlords are not always some money hungry rich guy who is lighting cigars with 100 bills. Most of these people are still paying mortgages on the property. This is coming from someone who has a rental property and is by no means rich.

I'm not challenging you or saying you meant it that way, however, too often we spend time blaming the wrong people.

No one should go bankrupt or die because they have a health problem, period.

Our health care system is abhorrent and I blame the insurance companies mostly, then Hospital cartels, and finally our government for allowing this criminal enterprise to exist in the first place.
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For me I place the blame pretty much everywhere.
  • The unemployment benefits that punish them for not going back to work.
  • The economy that does not allow them to get jobs where they can work at home
  • The healthcare system that is so expensive.
  • The lack of any kind of government safety net for people in similar situations to them. Basically they are being told you need to work, we don't care to protect your daughter from possible exposure.
  • The landlord who sought eviction as soon as legally possible.
  • The housing courts who 99% of the time side with the landlords and evict people who have no place to go and family members who have medical conditions.
  • The governments failure to provide any additional relief
  • Everyone who points their fingers at the parents "poor choices" for not returning to work when they can't financially support their family otherwise. Not saving up a rainy day fund, or having children when you were not financially stable where as if one parent loses a job or they have a medical bills it financially ruins them. Most people are not sympathetic to their situation and the extreme caution they need to take to prevent exposure. Either they don't understand or don't care. We as a society like to place personal blame on the parents for their choices.
 
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RenegadeMonster said:
For me I place the blame pretty much everywhere.
  • The unemployment benefits that punish them for not going back to work.
  • The economy that does not allow them to get jobs where they can work at home
  • The healthcare system that is so expensive.
  • The lack of any kind of government safety net for people in similar situations to them. Basically they are being told you need to work, we don't care to protect your daughter from possible exposure.
  • The landlord who sought eviction as soon as legally possible.
  • The housing courts who 99% of the time side with the landlords and evict people who have no place to go and family members who have medical conditions.
  • The governments failure to provide any additional relief
  • Everyone who points their fingers at the parents "poor choices" for not returning to work when they can't financially support their family otherwise. Most people are not sympathetic to their situation and the extreme caution they need to take to prevent exposure. Either they don't understand or don't care.
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  • The lack of any kind of government safety net for people in similar situations to them. Basically they are being told you need to work, we don't care to protect your daughter from possible exposure.
Exactly, by no means should we all stay at home and wait for a government check, however I would rather my tax dollars go to helping sick and poor people than kill brown children in Asia.
  • The landlord who sought eviction as soon as legally possible.
Again, I think they are caught in the middle. Should I go bankrupt paying the mortgage or be forced to sell at a loss as a landlord? Trust me big companies who aren't paying their fair share own a lot of rental properties but us little guys do as well.
  • The governments failure to provide any additional relief
These people (in government) are actively benefiting off not providing relief. The more they help companies and profit systems grow the more they benefit with contributions, favors, jobs when their term is over, etc. And neither party is looking to change the system fundamentally.

The next few years are not going to be about change, they will be just trying to crawl out of the hole we are in.
 
AnthonyI said:
So this "Expert" ended up on my You Tube feed today, who knew things were changing so quickly today :ROFLMAO: 😂
View attachment 78483
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This has got to be some sort of YT algorithm thing. because why would a relatively new YT channel labeled "The Finance Hub"(trustworthy name) be making and uploading these videos seemingly ever hour. It's probably all stolen content and optimized with those titles for maximum clicks. Someone probably just doing it for the Ad revenue. Unfortunately it's bad for those who actually watch and believe that.
 
wokeupnew said:
This has got to be some sort of YT algorithm thing. because why would a relatively new YT channel labeled "The Finance Hub"(trustworthy name) be making and uploading these videos seemingly ever hour. It's probably all stolen content and optimized with those titles for maximum clicks. Someone probably just doing it for the Ad revenue. Unfortunately it's bad for those who actually watch and believe that.
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I don't know, he looks pretty much "In the know".............and professional 😂 :ROFLMAO: 😅
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