patrick.net

Bu,but....I heard banks are not willing to foreclose.

Wow! The world's ultimate investment. If the price goes up you collect the winnings, tax free. If the price goes down the taxpayers make you whole by taking the hit for your underwater mortgage. Why take a chance on stock, bonds, gold? How the hell did the taxpayers ever get on this hook in the first place? Was this a part of the Bill of Rights I forgot to learn in High School? And if underwater homeowners deserve a Get Out of Jail Free card; well, can the underemployed student loan debtors be far behind?

They should give back their homes...oops....I mean they should give back the homes that the banks own but they live in and don't want to pay for anymore. See how easy that is

Bullish! ;)

Millions of Mothers are drowning in the cost of diapers,
Millions of Americans are drowning in high Energy costs,
Millions of Americans are drowning in dept period, and don't have a job to pay one single bill. But that doesn't stop the credit agencies, and the Lawyers from working them over good, so that in the slight chance they might finally get ahead. They are already in tens of thousands of dollars in debt. From a $300 prepaid credit card, that went into collections.
I tend to remember some White self described Indian, and a busybody blowhard, was going to do something about something, to stop that last one. But the last I heard, she bailed in light of her new found interest to join the very bastards she threatened to challenge.
This is all just life in the real world under Obama's excellent leadership.

https://rudy.substack.com/p/reverse-logans-run

C'mon now do the chart inflation indexed...It won't look so ominous that way.

$5T in 2003 is about $9T now according to https://www.usinflationcalculator.com/ . So, yeah, there's more mortgage debt. That said, during times of very low interest rates (negative real interest rates, actually), why shouldn't people load up on as much debt as possible?

More concerning in that chart is the student debt. That's debt that takes 20 or 25 years to default on, depending on which program you take advantage of. And, more than in the past, I think what is learned by many in higher eduction isn't useful for getting a decent job.

SunnyvaleCA says

More concerning in that chart is the student debt. That's debt that takes 20 or 25 years to default on, depending on which program you take advantage of. And, more than in the past, I think what is learned by many in higher eduction isn't useful for getting a decent job

Yep, and for those who had the debt prior to Covid, they could have refinanced it at about 1%. Now the rate is about 6.39%. So yeah, basically for the average student graduating with $30k debt, the cost of college has gone up about 60% (not including regular price increases) if they take the full 20 years to repay it. I doubt that wages for college graduates have gone up, so sure we're looking at another impact on today's youth where they should expect a permanent decrease in their standard of living.

Eventually, they will see how much the deck is stacked against them and Vote overwhelmingly Socialist.