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View Diary: Big Banks Planning To Profit From Debt Ceiling Crises. (37 comments)

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  •  Another thing to note is that the public has been (3+ / 0-)
    Recommended by:
    pollwatcher, nchristine, phonegery

    very reluctant to take on revolving debt. The only borrowing that has increased is for long-term fixed asset mortgages and student loans, which are being handled by the Department of Education. Not getting paid will force people to borrow short term and pay the going rate.

    Throughout the nineties, the public was castigated for not saving enough and living off "credit," a situation that was virtually mandated by stagnant wages and increased costs for everything. In retrospect, that was another example of fianciers decrying what they actually liked. That's sort of like praising virginity while screwing around.
    But, now the American public has been burned once too often, the shadow/cash economy is growing and "revolving credit outstanding" according to the Federal Reserve is down.
    Most Americans are not obsessed with money (about a million of them never bother to collect their tax refunds every year) but it does irk them to be cheated and taken to the cleaners.
    Oh, by the way, deposits at Credit Unions have been steadily increasing. Seems like the message of OWS has sunk in. All the more reason why we the people have to be punished.

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