We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
Not only is Krugman’s article one of the most ridiculous pieces of scare-mongering in the history of modern American journalism, but it is the pathetic whimper of a decaying liberal Ancien Regime that is spectacularly crumbling.
Rather than paring down what they owe, millions of consumers have simply stopped paying the bills, forcing banks to write off hundreds of billions of dollars in mortgages and credit card debts as uncollectible.
People aren't paying down their debt: they are running way from it. A bad idea, if yu care about your credit rating.
Democrats hate Democrats most of all. Witness the policies that Democrats have inflicted on their core constituencies, resulting in vile schools, lawless slums, economic stagnation, and social immobility. Democrats will do anything to make sure that Democratic voters stay helpless and hopeless enough to vote for Democrats.
...the Democrats have the support of more, and more active, billionaires. Of the 20 richest ZIP codes in America, according to the Center for Responsive Politics, 19 gave the bulk of their money to Democrats in the last election, in most cases the vast bulk - 86 percent in 10024 on the Upper West Side. Meanwhile, only 22 percent of non-high-school educated white males are happy with the direction the country is going in. The Democrats' overlap with elites leaves each party with a distinctive liability. The Democrats appear sincerely deluded about whom they actually represent. Democrats - who would have no trouble discerning elite solidarity in the datum that, say, in the 1930s the upper ranks of Britain's media, church, business and political institutions were dominated by Tories - somehow think their own predominance in similar precincts is ... what? Coincidence? Irony?
Nancy Pelosi may lose her gavel, and Harry Reid might well lose his Senate seat, but the damage is done: The entitlement state progresses sometimes by fits, and other times by bounds. But the appetite to spend other peoples’ money on well-intentioned schemes is never sated, and the “progress” thus engendered never seems to unwind.
Glenn Beck recently said that of the fifteen million-dollar-plus single donations to 2008 campaign PACs and such, fourteen went to one party and one to the other. Guess which is which? Yup. It's the Dems who have the big money people. I cringe when i hear the president of the USA make his bald-face lies the other way. This guy left 'spin' spinning in the dust far behind long ago. He just plain old pure-d lies.
It's very interesting that in the 2008 election the Dems took credit card payments that could not be traced to a U.S. address, but all that was brushed under the rug.
The lies perpetuated by the pols and ignored by the media are outrageous. Thank goodness for the Internet!
BTW, look up "Radical-in-Chief: Barack Obama and the Untold Story of American Socialism" by Stanley Kurtz and read the reviews, especially the one by Steve Diamond, an active socialist who does not deny Obama's background, just wants to argue about how "democratic" socialists are.
People aren't paying down their debt: they are running away from it. A bad idea, if you care about your credit rating.
If enough people start doing it, a bad credit rating will be the least of their worries. And everybody else's. If enough of their accounts-receivable default, the credit card companies will start tightening up on credit. If a LOT of people default, the credit-card companies could conceivably go bust -- yes, even Mastercard and Visa. If card-based credit stops being a reliable way to do business, then businesses will stop offering credit cards.
Walking away from an underwater mortgage is okay; other debts ought to get bankruptcy treatment.
Banks wrote the mortgage deal they liked, and the house was the collateral. If they were doing deals on overvalued houses and speculating on a continuing increase in house prices to cover the bad borrower risk because they liked the underwriting fees, that's their problem.
Collateral is collateral.
The huge damage was done by Obama stiffing GM and Chrysler bondholders. That wiped out the rule of commercial law in the US, as far as investors were concerned; they look elsewhere for where to put new capital.
So, TNR thinks that the people of this country want the republican party (hopefully, victorious)to cooperate with the dem party (thrown out of office in a huge wave of revulsion)? Deep thinkers over there.