unemployment

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sputNick
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unemployment

Postby sputNick » Sat Nov 08, 2008 1:14 am

Ok let me get this right...

In order to pay your credit card bill you have to have income and to have income you need a job. If unemployment is at a 14-year high then wouldn't that mean the number of people not able to pay their cards will go up drastically??


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scorch
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Postby scorch » Sat Nov 08, 2008 1:26 am

Sounds logical enough for that to be the case.

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fffresh
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Postby fffresh » Sat Nov 08, 2008 2:44 pm

The most recent numbers I've heard is they estimate credit card losses going up to $100 billion if unemployment rises to 10%. Right now all of the major credit card companies have good earnings and are actually exceeding analyst expectations. It appears the credit card industry has much better prepared itself for this than the mortgage industry.

magyar1045
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Postby magyar1045 » Sat Nov 08, 2008 5:08 pm

Bankruptcy lawyers will get richer.

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Cucumber
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Postby Cucumber » Sun Nov 09, 2008 3:14 am

magyar1045 wrote:Bankruptcy lawyers will get richer.


That and the lawyers that will be doing class action lawsuits against all the financial companies :ppp
OBAMA
Stop talking crap about him!

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Nov 09, 2008 6:41 pm

The bailout money could have been put to better use by creating a "New Deal" style of employment where the government would hire us for things. I think that would have been much better use of the money instead of bailing out the top tier of society, which is what it was. The average Joes had their savings FDIC insured, we didn't own mortgage securities. The real people it is helping are the wealthy. That's not going to help the country. Trickle down economics obviously doesn't work. We are going to need to help out the middle class and create jobs for them if we want this country to turn around.
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robert.loehmann
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Postby robert.loehmann » Mon Nov 10, 2008 10:55 am

Here where I live in Ohio it's been awful.

sputNick
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Postby sputNick » Tue Nov 11, 2008 1:06 am

Well what will be done to turn this around?? I love Obama but he only has so much power and I don't know how he will bring back all the jobs we need here.....Don't we have something like 20 mil less jobs than under Bill Clinton?? That is a lot of jobs to create.

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Postby Floppster » Tue Nov 11, 2008 9:11 pm

sputNick wrote:Well what will be done to turn this around?? I love Obama but he only has so much power and I don't know how he will bring back all the jobs we need here.....Don't we have something like 20 mil less jobs than under Bill Clinton?? That is a lot of jobs to create.


Obama or McCain, Biden or Palin nobody is just able to fix this entire mess in a couple of weeks. It took 8 years to get us where we are now so it will take at least twice as long to fix it entirely. Yes we went from a surplus to a huge deficit however now all of us, Democrats or Republicans have to pull on one and the same string otherwise we can't fix it.
Intellectuals solve problems. Geniuses prevent them.
- Albert Einstein 1879-1955

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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Nov 13, 2008 1:30 am

It will take a long time to fix. It will take Obama's first term and maybe a second term to undo and reverse all the legislation Bush did alone. Not only does he have to do that, but he also needs to pump out his new agenda. This is a lot of work to be done for our lazy congress.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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