Jun 30 2009

Credit Card Addicted Nation: How Americans have Pushed Themselves off the Fiscal Cliff. $931 Billion in Credit Card Debt Outstanding.

Credit cards were developed as a form of convenience and not another stream of household income.  The first major use in the United States started in the 1920s when it was used for the purposes of fueling the expanding auto owner population.  Bank of America created the BankAmericard in 1958 which later became the Visa […]

Feb 26 2009

American Consumers Cutting up that Final Credit Card: The End of a 30 Year Consumption Era and the Nervous Breakdown of the Spending Psychosis.

Imagine sitting in a messy room.  Chopped plastic all around you as you sit there clasping a set of red scissors.  Only one more credit card sits in the middle of the room starring back at you.  Can I do it you ask?  Is it possible to go forward in life with no credit cards?  […]

Feb 5 2009

Government Employment and Bankrupt City: Federal and State Government were Last Secure Employment Sectors. Financial and Economic Contraction.

States across the country are facing unprecedented budget shortfalls.  A total of 44 states face budget shortfalls, which for all practical purposes puts the entire country in a uniform crisis.  The state of California is in a state of fiscal panic.  Currently the state faces a $42 billion budget deficit and the State Controller has […]

Jan 29 2009

Cram Downs: A Bad Bank and Cram Downs are Diametrically Opposed Ideas.

While the market is intrigued by the nearly $1 trillion fiscal stimulus plan, a mortgage cram down bill has already passed the House.  It is amazing that it has taken this long to even get this thing going if the true premise of the politicians and policy makers was to save homeowners from losing their […]

Jan 20 2009

Bankrupt Consumer: Chapter 7 Bankruptcies up. Credit Card and Consumer Credit Crisis: Americans were Using Consumer Credit as a Lifeline and it is now drying Up Pushing Bankruptcies Upward. $2.5 Trillion in Loans at Risk.

Credit cards have been around for many years with Bank of America creating the BankAmericard in 1958, which eventually evolved into the modern day Visa system.  MasterCard has been around since 1966 and received significant backing from Citibank.  These names are familiar with the current credit crisis.  Credit cards have been one component of the […]

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