Banks Screw US Again

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	Banks Screw US Again

baydawg

6-28-2009 9:30 PM

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tags:

usury, interest, charge cards, unemployment, charge-offs, interest rates

baydawg says:

credit card rates suck future life out of the economy

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/f156b7e2-c184-42d1-9495-dbc74bfe51f6/69D96872-B22B-4909-A5E9-A63F654CCC22/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://market-ticker.denninger.net/archives/1153-But-The-Recession-Is-Over!.html" href="http://market-ticker.denninger.net/archives/1153-But-The-Recession-Is-Over!.html" style="font-size: 11px;">market-ticker.denninger.net</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://market-ticker.denninger.net/archives/1153-But-The-Recession-Is-Over!.html">Charge-offs on U.S. credit cards gauged by a Moody's index surpassed 10% in May</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://market-ticker.denninger.net/archives/1153-But-The-Recession-Is-Over!.html"> peaks at around 12% in</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://market-ticker.denninger.net/archives/1153-But-The-Recession-Is-Over!.html"> second quarter of 2010</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://market-ticker.denninger.net/archives/1153-But-The-Recession-Is-Over!.html">Charge offs tend to parallel U-3 unemployment</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://market-ticker.denninger.net/archives/1153-But-The-Recession-Is-Over!.html"> 12.x% unemployment would be the highest number registered on U-3</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://market-ticker.denninger.net/archives/1153-But-The-Recession-Is-Over!.html">we allow banks to</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://market-ticker.denninger.net/archives/1153-But-The-Recession-Is-Over!.html">a relentless ratcheting upward of average interest rates charged on card balances which will <STRONG><U>not</U></STRONG> abate until the charge-off rate comes down.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://market-ticker.denninger.net/archives/1153-But-The-Recession-Is-Over!.html">This in turn will stomp on consumer discretionary income and spending, since money paid in interest obviously does not get spent at the local Best Buy purchasing a new flatscreen TV.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://market-ticker.denninger.net/archives/1153-But-The-Recession-Is-Over!.html">Consumer spending has "enjoyed" a roughly 5% increase over "natural and sustainable" levels over the last five years due to "fog-a-mirror" credit policies.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://market-ticker.denninger.net/archives/1153-But-The-Recession-Is-Over!.html">The outcome of all of this, by the way, is an essentially-permanent 4% reduction to GDP that <STRONG><U>will</U></STRONG> be reflected in forward economic performance, and that's before the impact of unemployment is added in.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/69D96872-B22B-4909-A5E9-A63F654CCC22/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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