RE and economic charts: Student Loan Scam Perverts Fed's Consumer Credit Report

Saturday, December 11, 2010

Student Loan Scam Perverts Fed's Consumer Credit Report

[mEDITate-OR:
not know that, once again
they simply LIED to U.S.
------- what the media told U.S.
The "good" is the claim that we went up $3.3 billion on non-revolving credit.
that little uptick does look constructive, and the non-revolving rate of change is in fact positive.
Why?
-------------- Reason No.1
Except for the idiots borrowing to go to school
the actual non-revolving debt acceptance was down at a 58% annualized rate of change!
That's not a decline -- it's a collapse.
------ Reason No. 2
While the "pumpers" all said that strong auto sales were part of the recovery
that's a lie; "finance companies" (which include GMAC, Ford Motor Credit (FCZ), etc.) declined at a nearly 6% rate for the month
which on an annualized basis is just plain nasty.
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Dec 08 07:44 PM

JGBHimself

But, Ka-a-a-rl, you didn't tell U.S. "the rest of the story"!

By going to school, albeit by borrowing money they don't, & won't ever, have, they are taken OFF the unemployment numbers, bcuz they are not actively seeking work.
AND, they are not collection UI benefits, which saves the state & Federal govts a ton of money they do not have.
AND, They are paying substantially increased tuition, which lowers the state tax bills for the rest of U.S. - money the states and we don't have.
Don't you LOVE shell games?

And, while the rest of U.S. are having our credit cards cancelled, and/or our CC bad debts written off, those college kiddies are being still given MORE "free" credit cards! To be used wisely, of course, for "sex n drugs n rocknroll"!!! Get it now, worry-about-it later, if ever.
MOG, you are SUCH a pessimist!

Trust the college kids, Karl; their beer glasses, and their CCs, are NEVER more than half empty!

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