"many consumers are stopping their mortgage payments, and then blowing the money they would usually pay towards their mortgage on luxuries"
What percent of these insolvent consumers are buying "luxuries" and how much do these luxury purchases account for in relation to the total spending of these insolvent consumers?
Fact is, you can't answer these questions because you have shit data and lurid conclusions based on suspicion, rumor, anecdotal "evidence" and the burning envy that still defines America . . . particularly the astonishingly perverse envy of the "haves" for the "have nots."
No doubt a "significant" number of the falling middle class are insanely maxing out their cards and gaming the system--this is America--but in an environment of 40 million-plus on food stamps, 20% real unemployment/underemployment, ARM blow-ups, and so on do you really believe most people are spending the money they don't have to pay their mortgage payments on luxuries? I would suggest that before asserting common sense defying conclusions, you dig up some actual data that meaningfully supports something stronger than this bullshit.
What is this, National Enquirer for the educated set?
Okay, the put-down is a rhetorical one, George. I generally admire your work and, of course, ZH is the shiznit. But this developing story line of the average underwater American bleeding the rest of us dry while they continue living The Life is getting real old. See Tyler's similar post from just yesterday.
I suspect these unsupported conclusions say more about the audience than they do about the typical insolvent consumer, regardless of the testimonials. Sampling bias, anyone?
Final thought that apparently is not widely known here: If you have both income and overwhelming credit card or other debt, you can't just skate by not paying the bills. It might work for a while with the house, since the banks are complicit in hiding the bad debts on their books, but it doesn't work anywhere else for long. One late payment and your credit line is cut off (and we all know card credit limits have been slashed to begin with.) Then you get taken to court. My daughter is an attorney working for one of the nation's largest debtor-relief firms and she's been blown away by the onslaught of suits brought by creditors in the last 6 months--her workload just writing Answers has increased about 600%. When it's not the banks themselves, it's the collection agencies that have bought the paper--don't pretend that a charge-off by the original creditor means the debt disappeared for good. Many people on unemployment are being garnished. People who have retirement accounts are tapping them out.
I look forward to some quality analysis of these issues as the data emerges and creative, conscientious analysts applying themselves to doing it--wish I didn't have to keep hearing this incessant drumbeat of unsupported resentment until that day arrives.
The newly formed �super PAC� of abortion rights advocacy group EMILY�s List drew most of the $430,000 it raised in August from just five sources, a Center for Responsive Politics review of campaign finance reports filed Thursday shows.
Last month, the PAC, known as Women Vote!, raised $250,000 from the Service Employees International Union and another $95,000 from four wealthy women philanthropists and investors who have been prolific political donors over the years, according to a Center for Responsive Politics analysis. Such contributions illustrate how relatively few people may now, in the aftermath of major federal court decisions, significantly affect the financial fortunes of certain political groups.
This $95,000 represents more than 50 percent of all non-SEIU contributions Women Vote! collected in August.
The largest individual contribution the group received in August came from New York investor Judith-Ann Corrente, who contributed $50,000.
Along with her husband, Blenheim Capital Management Chairman Willem Kooyker, Corrente is among the top 50 donors to all federal candidates, parties and committees so far this election cycle.
The other women to drop five-figure checks for the committee are as follows:
- Anne D. Taft, of Binghamton, N.Y. She contributed $25,000 and her occupation is listed as �investor� on the group�s Federal Election Commission filings
- Emily H. Fisher, a philanthropist who lives in Sheffield, Mass. She contributed $10,000 and her occupation is listed as �retired� on the group�s FEC filings
- Anne Bartley, of San Francisco. She contributed $10,000. Her occupation is listed as �investor� on the group�s FEC filings. She is married to Larry B. McNeil -- who is the director of the SEIU�s Institute for Change and who was a �Saul Alinski organizer for 25 years,� according to an official online biography
The EMILY�s List�s Women Vote! PAC was established earlier this year for the explicit purpose of making independent expenditures in hot races, for example, running advertisements overtly telling voters to support or defeat specific candidates. It is one of more than two dozen groups to register with the FEC as an �independent expenditure-only committee,� as OpenSecrets Blog has previously written about on numerous occasions.
The group has raised $1.5 million between January and August. It ended August with about $703,000 cash on hand.
It has spent $826,900 since January, including $65,800 on mailings in August touting Democratic U.S. Senate candidate Robin Carnahan and opposing Republican Senate candidate Roy Blunt in Missouri.
During previous election cycles, federal rules limited how much money PACs could collect from individuals. It was illegal to collect more than $5,000 per person, per year. But recent federal legal rulings -- including Citizens United v. Federal Election Commission and SpeechNow.org v. Federal Election Commission -- have changed that.
Chemical industry <b>news</b>
Previously you would have found the latest Chemical Industry News from our news server site. Acquisitions, mergers, share prices, new chemical industry trading…
Cave Story DS on the way? DS <b>News</b> - Page 1 | Eurogamer.net
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robert shumake
Chemical industry <b>news</b>
Previously you would have found the latest Chemical Industry News from our news server site. Acquisitions, mergers, share prices, new chemical industry trading…
Cave Story DS on the way? DS <b>News</b> - Page 1 | Eurogamer.net
Read our DS news of Cave Story DS on the way?. ... Email news@eurogamer.net. Related Games. Cave Story WII. Latest Features. Cave Story Review . Cave Story Hands On . Latest News. Upcoming DSiWare/WiiWare titles listed ...
Wild <b>News</b>
Over 500 Tourists Visit Gorillas in the DRC - Great news coming out of the Virunga National Park, they hit a record 500 tourists who came to visit this past August -- Read more. Rhino Poachers Arrested - South African police arrest 11 ...
"many consumers are stopping their mortgage payments, and then blowing the money they would usually pay towards their mortgage on luxuries"
What percent of these insolvent consumers are buying "luxuries" and how much do these luxury purchases account for in relation to the total spending of these insolvent consumers?
Fact is, you can't answer these questions because you have shit data and lurid conclusions based on suspicion, rumor, anecdotal "evidence" and the burning envy that still defines America . . . particularly the astonishingly perverse envy of the "haves" for the "have nots."
No doubt a "significant" number of the falling middle class are insanely maxing out their cards and gaming the system--this is America--but in an environment of 40 million-plus on food stamps, 20% real unemployment/underemployment, ARM blow-ups, and so on do you really believe most people are spending the money they don't have to pay their mortgage payments on luxuries? I would suggest that before asserting common sense defying conclusions, you dig up some actual data that meaningfully supports something stronger than this bullshit.
What is this, National Enquirer for the educated set?
Okay, the put-down is a rhetorical one, George. I generally admire your work and, of course, ZH is the shiznit. But this developing story line of the average underwater American bleeding the rest of us dry while they continue living The Life is getting real old. See Tyler's similar post from just yesterday.
I suspect these unsupported conclusions say more about the audience than they do about the typical insolvent consumer, regardless of the testimonials. Sampling bias, anyone?
Final thought that apparently is not widely known here: If you have both income and overwhelming credit card or other debt, you can't just skate by not paying the bills. It might work for a while with the house, since the banks are complicit in hiding the bad debts on their books, but it doesn't work anywhere else for long. One late payment and your credit line is cut off (and we all know card credit limits have been slashed to begin with.) Then you get taken to court. My daughter is an attorney working for one of the nation's largest debtor-relief firms and she's been blown away by the onslaught of suits brought by creditors in the last 6 months--her workload just writing Answers has increased about 600%. When it's not the banks themselves, it's the collection agencies that have bought the paper--don't pretend that a charge-off by the original creditor means the debt disappeared for good. Many people on unemployment are being garnished. People who have retirement accounts are tapping them out.
I look forward to some quality analysis of these issues as the data emerges and creative, conscientious analysts applying themselves to doing it--wish I didn't have to keep hearing this incessant drumbeat of unsupported resentment until that day arrives.
The newly formed �super PAC� of abortion rights advocacy group EMILY�s List drew most of the $430,000 it raised in August from just five sources, a Center for Responsive Politics review of campaign finance reports filed Thursday shows.
Last month, the PAC, known as Women Vote!, raised $250,000 from the Service Employees International Union and another $95,000 from four wealthy women philanthropists and investors who have been prolific political donors over the years, according to a Center for Responsive Politics analysis. Such contributions illustrate how relatively few people may now, in the aftermath of major federal court decisions, significantly affect the financial fortunes of certain political groups.
This $95,000 represents more than 50 percent of all non-SEIU contributions Women Vote! collected in August.
The largest individual contribution the group received in August came from New York investor Judith-Ann Corrente, who contributed $50,000.
Along with her husband, Blenheim Capital Management Chairman Willem Kooyker, Corrente is among the top 50 donors to all federal candidates, parties and committees so far this election cycle.
The other women to drop five-figure checks for the committee are as follows:
- Anne D. Taft, of Binghamton, N.Y. She contributed $25,000 and her occupation is listed as �investor� on the group�s Federal Election Commission filings
- Emily H. Fisher, a philanthropist who lives in Sheffield, Mass. She contributed $10,000 and her occupation is listed as �retired� on the group�s FEC filings
- Anne Bartley, of San Francisco. She contributed $10,000. Her occupation is listed as �investor� on the group�s FEC filings. She is married to Larry B. McNeil -- who is the director of the SEIU�s Institute for Change and who was a �Saul Alinski organizer for 25 years,� according to an official online biography
The EMILY�s List�s Women Vote! PAC was established earlier this year for the explicit purpose of making independent expenditures in hot races, for example, running advertisements overtly telling voters to support or defeat specific candidates. It is one of more than two dozen groups to register with the FEC as an �independent expenditure-only committee,� as OpenSecrets Blog has previously written about on numerous occasions.
The group has raised $1.5 million between January and August. It ended August with about $703,000 cash on hand.
It has spent $826,900 since January, including $65,800 on mailings in August touting Democratic U.S. Senate candidate Robin Carnahan and opposing Republican Senate candidate Roy Blunt in Missouri.
During previous election cycles, federal rules limited how much money PACs could collect from individuals. It was illegal to collect more than $5,000 per person, per year. But recent federal legal rulings -- including Citizens United v. Federal Election Commission and SpeechNow.org v. Federal Election Commission -- have changed that.
robert shumake
Chemical industry <b>news</b>
Previously you would have found the latest Chemical Industry News from our news server site. Acquisitions, mergers, share prices, new chemical industry trading…
Cave Story DS on the way? DS <b>News</b> - Page 1 | Eurogamer.net
Read our DS news of Cave Story DS on the way?. ... Email news@eurogamer.net. Related Games. Cave Story WII. Latest Features. Cave Story Review . Cave Story Hands On . Latest News. Upcoming DSiWare/WiiWare titles listed ...
Wild <b>News</b>
Over 500 Tourists Visit Gorillas in the DRC - Great news coming out of the Virunga National Park, they hit a record 500 tourists who came to visit this past August -- Read more. Rhino Poachers Arrested - South African police arrest 11 ...
robert shumake
Chemical industry <b>news</b>
Previously you would have found the latest Chemical Industry News from our news server site. Acquisitions, mergers, share prices, new chemical industry trading…
Cave Story DS on the way? DS <b>News</b> - Page 1 | Eurogamer.net
Read our DS news of Cave Story DS on the way?. ... Email news@eurogamer.net. Related Games. Cave Story WII. Latest Features. Cave Story Review . Cave Story Hands On . Latest News. Upcoming DSiWare/WiiWare titles listed ...
Wild <b>News</b>
Over 500 Tourists Visit Gorillas in the DRC - Great news coming out of the Virunga National Park, they hit a record 500 tourists who came to visit this past August -- Read more. Rhino Poachers Arrested - South African police arrest 11 ...
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