12 charts that show the permanent damage that has been done to economy
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US economyTRANSCRIPT
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Federal Reserve Bank Admits AGAINThat It Is Not a Federal Agency
Posted by : George WashingtonPost date: 10/14/2014 - 18:40Long-Time Zero Hedge Readers Have Known ThisForever ... But Those Who Get Their News fromthe MSM Would Be Shocked, Shocked I Say ...
Why is the Gold Standard Urgent?Posted by: Gold Standard I...Post date: 10/15/2014 - 02:13The fiat dollar harms us in many ways, butrising prices is the least of them. There is nolimit to prices, but credit abuse can onlycontinue so long, before the dollar fails.
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12 Charts That Show The Permanent DamageThat Has Been Done To The US Economy
Submitted by Tyler Durden on 10/14/2014 20:03 -0400
ETC Federal Reserve fixed M2 Monetary Base National Debt New Home
Sales Recession recovery
Submitted by Michael Snyder via The Economic Collapse blog,
Most people that discuss the "economic collapse" focus on whatis coming in the future. And without a doubt, we are on theverge of some incredibly hard times. But what often getsneglected is the immense permanent damage that has been doneto the U.S. economy by the long-term economic collapse that weare already experiencing. In this article I am going to sharewith you 12 economic charts that show that we are in much,much worse shape than we were five or ten years ago. Thelong-term problems that are eating away at the foundations ofour economy like cancer have not been fixed. In fact, many ofthem continue to get even worse year after year. Butbecause unprecedented levels of government debt andreckless money printing by the Federal Reserve havebought us a very short window of relative stability, mostAmericans don't seem too concerned about our long-termproblems.
They seem to have faith that our "leaders" will be able to find away to muddle through whatever challenges are ahead. Hopefully this article will be a wake up call. The last majorwave of the economic collapse did a colossal amount of damageto our economic foundations, and now the next major wave ofthe economic collapse is rapidly approaching.
#1 Employment
The mainstream media is constantly telling us about the"employment recovery" that is happening in the United States,but the truth is that it is just an illusion. As the chart belowdemonstrates, just prior to the last recession about 63 percent ofall working age Americans had a job. During the last wave ofthe economic collapse, that number dropped to below 59 percentand stayed there for a very long time. In the past few monthswe have finally seen the employment-population ratio tick backup to 59 percent, but we are still far, far below where we usedto be. To call the tiny little bump at the end of this chart a"recovery" is really an insult to our intelligence...
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#2 The Labor Force Participation Rate
The percentage of Americans that are either employed orcurrently looking for a job started to fall during the lastrecession and it has not stopped falling since then. The laborforce participation rate has now fallen to a 36 year low, and thisis a sign of a very, very sick economy...
#3 The Inactivity Rate For Men In Their Prime Years
Some blame the decline in the labor force participation rate onthe aging of our population. But it isn't just elderly people thatare dropping out of the labor force. In fact, the inactivity ratefor men in their prime working years (25 to 54) continues to riseand is now at the highest level that has ever been recorded...
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#4 Manufacturing Employees
Once upon a time in America, anyone that was reliable andwilling to work hard could easily find a manufacturing jobsomewhere. But we have stood by and allowed millions uponmillions of good paying manufacturing jobs to be shipped out ofthe country, and now many of our formerly great manufacturingcities have been transformed into ghost towns. Over the pastfew years, there has been a slight "recovery", but we are stillwell below where we were at just previous to the lastrecession...
#5 Our Current Account Balance
As a nation, we buy far more from the rest of the world thanthey buy from us. In other words, we perpetually consume farmore wealth than we produce. This is a recipe for nationaleconomic suicide. Our current account balance soared toobscene levels just prior to the last recession, and now we havealmost gotten back to those levels...
#6 Existing Home Sales
Our economy has never fully recovered from the housing crashof 2007-2008. As you can see from the chart below, the numberof existing home sales is still far below the level that we hit backin 2006. At this point we are just getting back to the level wewere at in 2000, but our population today is far larger than itwas back then...
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#7 New Home Sales
Things are even more dramatic when you look at new homesales. This is an industry that have been absolutelyemasculated. The number of new home sales in the UnitedStates is just a little more than half of what it was back in 2000,and it isn't even worth comparing to what we experienced duringthe peak of 2006.
#8 The Monetary Base
In a desperate attempt to get the economy going again, theFederal Reserve has been wildly printing money. It has been soreckless that it is hard to put it into words. When I look at thischart, the phrase "Weimar Republic" comes to mind...
#9 Food Inflation
Thankfully, much of the money that the Federal Reserve hasbeen injecting into the system has not made it into the realeconomy. But enough of it has gotten into the system to forcefood prices significantly higher. For example, my wife went tothe store today and paid just a shade under 10 bucks for justfour pieces of chicken. And as you can see from the chartbelow, food prices have been steadily going up in America for avery long time...
#10 The Velocity Of Money
One of the reasons why we have not seen even more inflation isbecause the velocity of money is extraordinarily low. Ingeneral, when an economy is healthy money tends to flowthrough the system rapidly. People are buying and selling andmoney changes hands frequently. But when an economy is sick,money tends to stagnate. And that is exactly what is happeningin the United States right now. In fact, at this point the velocityof the M2 money stock has dropped to the lowest level everrecorded...
#11 The National Debt
As our economic fundamentals have deteriorated, our politicianshave attempted to prop up our standard of living by borrowingfrom the future. The U.S. national debt is on pace toapproximately double during the Obama years, and itincreased by more than a trillion dollars in fiscal year 2014alone. Despite assurances that "the deficit is under control", thefederal government borrows about a trillion dollars a year tofund new spending in addition to borrowing about 7 trilliondollars to pay off old debt that is coming due. What we aredoing to future generations of Americans is absolutely criminal,and it is just a matter of time before this Ponzi scheme totallycollapses...
#12 Total Debt
Of course it is not just the federal government that is gorging ondebt. When you add up all forms of debt in our society(government, business, consumer, etc.) it comes to a grand totalof more than 57 trillion dollars. This total has more thandoubled since the year 2000...
If you know anyone that believes that we are in good economicshape, just show them these charts.
The numbers do not lie. Our economy is sick and it isgetting sicker by the day.
And of course the next major financial crisis could strike at anytime. U.S. stocks just experienced their worst week in threeyears, and if cases of Ebola start popping up around the countrythe fear that would cause could collapse our economy all byitself.
The debt-fueled prosperity that we are enjoying today is notreal. We are living on the fumes of our past, and every singleday our long-term problems get even worse.
Anyone with half a brain should be able to see what iscoming.
Sadly, most Americans will continue to deny the truthuntil it is far too late.
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Tue, 10/14/2014 -20:07 | 5331491
Tue,10/14/2014 -20:32 |5331587
Tue,10/14/2014- 22:46 |5332063
Tue,10/14/2014- 23:03 |5332121
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Tue,10/14/2014 -20:13 |5331514
Kina
Argentina wishthey had a reserve currency...
Rememberweimar
Dismantle theIsraeli ownedand operated
Federal Reserve
PhilofOz
Is that youFrancisSawyer?
ps true words of wisdom regardless.
90's Child
Theirallgoing
up.... Sothat's good right?
nink
All looks goodto me BTFD
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CASTBOUND
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Gavrikon
Gay male
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DirkDiggler11
Another freakinglist, how come i knew this was Synder before i evenclicked on fhe article ...
IridiumRebel
"YOU JUSTMADE THELIST, BUDDY."
-Francis Sawyer
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Tue,10/14/2014- 20:32 |5331594
Tue,10/14/2014 -20:37 |5331611
Tue,10/14/2014- 21:52 |5331870
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Tue, 10/14/2014 -20:18 | 5331534
Tue,10/14/2014 -20:39 |
Cliff ClavenCheers
U.S. Isn'tDone WithEbola
Researchers predict more cases in the United Statesbased on flight patterns.
Monty Burns
" i knew thiswas Synder
before i even clickedon fhe article ..."
Me too. It's actually easy to make such lists and they canbe very misleading. IMO he sets out to prove somepoint and then selects a 'List' of statistics to prove it whileignoring those that suggest an alternative outcome.
Austrianhungry
Anotherlist! Howcome
when I saw this Iknew you crybabies would be on here sobbing aboutit! If you don't like it don't read it, go back to oldKrugman columns.
PT
It's nothard toavoid
these "list"articles. He warns you what is coming in theheadline. But you click here anyway. You've got thewhole internet to look at, yet you are attracted to theone little part that annoys you.
Yeah, I got the same problem. Imagine how infinitelysuccessful we would be if we were attracted to theparts of the internet that could help us.
Or perhaps the internet really is no better than amagazine stand or a library. The information youneed is not there. All the good information is hidden.
Austrianhungry
And thatmeans youDick digger!!
WTFRLY
'Leverage year':Monsanto executives on why the $156 million earningsloss doesn't matter
http://wtfrly.com/2014/10/14/leverage-year-monsanto-executives-on-why-th...
A Lunatic
I was promised afucking unicorn, and by god, I want a fuckingunicorn........
max2205
Does it haveto shit
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5331620
Wed,10/15/2014- 03:04 |5332482
Tue, 10/14/2014 -20:18 | 5331536
Tue,10/14/2014 -20:25 |5331564
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skittles
TheMerryPrankster
Yes,and it better be a pair of lesbian unicornswith matching dwarf stable boys and a set ofzebra striped chickens in every pot or this aint
america.
ImGumbydmmt
a future collapseis a mathematical certainty, but when is very hard topredict.
However, Ebola, as a cause for an economic collapse, wouldmake a great cover story for the true cuprits to avoid pitchforks by the sheeple.
surf0766
Why wasthere a $518million dollar
grant to theCommunity group? Another welfare program fundedunder the most transparent administration ever.
10mm
Sheeple willnever take apitchfork to
hand.
Duc888
Argentina's blackmarket is undoubtably more developed than ours herein USA. Commerce will take place, either on the
books or off the books.
JR
What’s ahead forthe future of the average American, prepared inrecent years by the banking Establishment:
POVERTY. In an explosive, packed with facts assault on thesystem, Ted Rall delivers the squeeze play ahead now forGeneration X and those to follow..
And never mind that the U.S. Census Bureau reports thatGeneration X statistically holds the highest education levelswhen looking at current age groups, according to Wikipedia,or that “Gen Xers are arguably the best educated generationwith 29% obtaining a bachelor’s degree or higher (6% higherthan the previous cohort),” according to William J. Schroer.
Millions of Gen Xers Will Be Homeless Before YouKnow It | Ted Rall |October 13, 2014
Excerpt reposted):
We’re staring down the barrel of an epic old age crisis. Forthe average American, to be elderly will mean not mere belt-tightening, but real, grinding poverty: homelessness andhunger.
Throughout the last few decades, vulnerable people livingfrom payday to payday have gotten battered by the shreddingof the government safety net, a lack of accumulated savings
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Tue,10/14/2014 -20:26 |5331569
Tue,10/14/2014- 20:36 |5331607
caused by the boom-and-bust cycle...,and a lackluster realestate market.
Now members of the poor and lower middle class in their 50sand 60s are heading into a retirement crisis created by aperfect superstorm.
Traditional defined-benefit pension plans have been replacedby stingy 401(k)s and similar programs which employers nolonger pay into, cap how much you can contribute (assumingyou can afford it), take a beating during downturns in thestock market, and allow workers to tap when they’re laid offor run into financial trouble. After years of sketchy raids andoutright theft, workers with old-fashioned corporate andgovernment pensions can’t be sure their money will be therewhen they need it. The first Generation Xers — many ofwhom never had the opportunity to accumulate wealthdue to several long recessions that impacted themparticularly hard — will reach the traditionalretirement age of 65 in the year 2024.
The facts are brutal:
No savings: The average Gen Xer only has a net worth ofabout $40,000 — enough to live on for a year. Maybe. InAkron. 36% of Americans don’t have a dime saved forretirement.
Later Social Security: Thanks to that lovable wacky RonaldReagan, the Social Security retirement age was quietly raisedto 67 for Gen Xers born after 1960. When you finally getSocial Security, it doesn’t pay enough. The U.S. ranks thirdto last in social security benefits among developednations.
Age discrimination: The continuing post-2008 recession hitthose in their 50s especially hard; employers want cheaper,younger workers. 25% of Americans over age 55 nowhave no savings whatsoever.
About those pension plans: When journalists mentionthe retirement crisis, they focus on problems with thedefined-benefit system. But that’s irrelevant to mostAmericans. 90% of private-sector workers don’t haveone. Most government workers do — but 85% ofAmericans work in the private sector.
401ks suck (if you have one). Three out of fourworkers have no pension plan. What they might have is a401k. The average Gen Xer who has a 401k — 69%don’t — has a $63,000 balance.
Financial experts say 92% of U.S. workers fallsignificantly short of what they’ll need to live decentlyafter retirement. “In the decades to come,” EdwardSiedle writes for Forbes, “we will witness millions of elderlyAmericans, the Baby Boomers and others, slipping intopoverty. Too frail to work, too poor to retire will become the‘new normal’ for many elderly Americans.”
This is about you — not some theoretical lazy Other….
We can hit the streets to demand action now — or we’ll beliving on them later.
http://rall.com/2014/10/13/syndicated-column-millions-of-gen-xers-will-be-homeless-before-you-know-it
http://www.socialmarketing.org/newsletter/features/generation3.htm
NOTE: The Population Reference Bureau, a privatedemographic research organization based in Washington,D.C., cited Generation X birth years as falling between 1965and 1982.
surf0766
Who stoletheir future?The 60's
hippies and theirutopia agenda.
i_call_you_my_base
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Tue,10/14/2014- 21:01 |5331689
Tue,10/14/2014- 21:42 |5331829
Tue,10/14/2014- 23:34 |5332207
Wed,10/15/2014- 03:15 |5332493
The "60's hippies" philosophy was completelydead by the 80s. Try again.
new game
everybody isfucked by thesame group that play the red vs blue card. don'tfall for this crap. i'm 58 and see the same despairforcasted. until more people see it as truely classwarfare-us vs warren buffet types, nobody getswhole again...
venturen
really?go
look atGovernorMoonbeam
JR
+ 100andspot
on. And afitting end is was for Allen Ginsberg’s legacy thateventually got to the point where free love turnedinto pedophilia, i.e., Allen Ginsberg and little boys.The free love turned into perversion. Other thanthat, I don't know what the Beat Generationproduced.
Encyclopedia Britannica:
“The name derived from ‘hip,’ a term applied tothe Beats of the 1950s, such as Allen Ginsberg (apervert, pioneering the homosexual and pedophileman-boy love movement and support for childpornography and pedophilia) and Jack Kerouac(Ginsberg’s buddy who coined the term “beatgeneration” and died of alcoholism with much ofhis work designated pornography), who weregenerally considered to be the precursors ofhippies.
“By the mid-1970s the movement had waned,and by the 1980s hippies had given way to anew generation of young people (GenXers)who were intent on making careers forthemselves in business and who came to beknown as yuppies (young urbanprofessionals). Nonetheless, hippies continued tohave an influence on the wider culture, seen, forexample, in more relaxed attitudes toward sex, inthe new concern for the environment, and in awidespread lessening of formality.”
http://www.britannica.com/EBchecked/topic/266600/hippie
TheMerryPrankster
Thank you for the Readers digestversion of american history circa post
world war II to 1990's.
That couldn't have been more propagandized iftaken directly from a CIA workbook.
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Tue,10/14/2014- 20:58 |5331682
Wed,10/15/2014- 03:23 |5332498
Wed,10/15/2014- 06:33 |5332684
Tue,10/14/2014- 21:15 |5331722
The bit of that history I lived was way morecomplicated than that trite diatribe youpresent.
Fact is it always been about us vs them. Thepeople vs the man. The yuppies,the yippies,the hippies, the hipsters, the slackers, thestackers, the boomers,the doomers, its alllabels to divide and conquer. Try not to getswallowed up in the petty bullshit and losesight of the fact that the ultra rich are fuckingthe rest of us royally and have been prettymuch carte blanche since the 60's.
lincolnsteffens
It wasn'ttheUtopian
agenda it was thescammers and the skimmers along with a license toprint money backed by nothing. The hippies didn'tthwart your Constitution and the rule of law.
TheMerryPrankster
yeah but they did point out that the systemwas a total lie and our rights were onlywords that dissolved if we tried to use
them.
we are literally serfs with nice huts drunk on tv,sedated and worked until you aren't needed thenabandoned like a toxic waste dump.
This is america in the 21st century, rampamantfinancial fraud, destruction of main street by wallstreet and the destruction of the workforce bydestruction of labor laws, illegal immigration andh1b visas.
Corporations are people who don't give a fuckabout people.
Gazooks
trueenough
most hipsters were more like anti-establishment,libertarian-entrepreneurs
..sans AKs/ARs, Ronnie & Rand fetishes and gut-wrenching patriot-pretense
JR
Who stoletheirfuture?
It’s the peoplewho now are showing extraordinary, obscene wealthbeyond any measure. It was the princes of thefinancial institution, especially the Federal Reservebanksters that plundered Americans and their nation.
Through their power, the Congress systematicallyremoved corporate pension contracts, eliminated jobsecurity, off-shored the manufacturing jobs of middleclass management and skilled workmen, forcedmothers into the work force by destroying the earning
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Wed,10/15/2014- 00:37 |5332351
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Tue,10/14/2014- 21:23 |5331747
Tue,10/14/2014- 22:14 |5331946
power of the male family wage earner , and, perhapsworst of all, supported the Clinton-Bushes-Obamaadministrations in overturning the traditional cultureand replacing it with Marxist welfarism, feminism andits destruction of the family, anti-American mediadominance, sovereign-breaking open borders andwealth transfer from Eurowhites to Third Worlders...and continuous war.
As most people realize it has made absolutely nodifference which DC party wins the Congress or thepresidency as, thanks to the Big Bankers and theirpower over the nation’s money, the Washingtonadministration is a permanent government, its rulingtribe family lineage unchanged from decade to decadeto decade, replacing the American Dream with itsNWO Empire and its worldwide imperium to protect itsglobal flow of debt collection.
“The only empire that exists is the one that keeps theNWO elites in control.” -- Sartre
lasvegaspersona
When the history of this period is written it willbe remarkable for it's size and impact but thecause will be the same as all other 'easy money'
collapses. The government printed what it felt itneede to be elected. The cries of prudent people wereignored (Bush passed the Part D Medicare with anillegal Congressional vote and Obamacare was passedwith no Republican support.)
It is not the Boomers are blameless but the pattern ofreckless government spending is not new. Bismarkthe German boss had some early socialism going ahunder years ago.
Hard money does not help either. They just get killedand then 'we the people' go back to demanding thatthe government make our lives easier...it is humannature not a hippie dream that got us here.
Monty Burns
"Millions ofGen Xers
Will Be HomelessBefore You KnowIt"
Well, they voted for Hope & Change. Then again, thechoice really was between tweedledum and tweedledee,and that's the real message.
surf0766
I didn't
JR
Neither didmost GenXers. According to Gallup...
Republicans do better among Generation X
by Frank Newport May 8, 2009
PRINCETON, NJ -- Although Democrats currentlyenjoy a party identification advantage overRepublicans among Americans at every agebetween 18 to 85, the Democrats' greatestadvantages come among those in their 20s andbaby boomers in their late 40s and 50s.Republicans, on the other hand, come closest
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Tue,10/14/2014 -20:51 |5331664
Tue,10/14/2014- 21:24 |5331748
Tue,10/14/2014- 21:32 |5331768
Tue,10/14/2014- 21:50 |5331864
Tue,10/14/2014- 22:31 |5332010
Wed,10/15/2014
to parity with Democrats among GenerationXers in their late 30s and early 40s andamong seniors in their late 60s…
Generation X follows the baby boom and isgenerally considered to be those born between1965 and 1979…
http://www.gallup.com/poll/118285/democrats-best-among-generation-baby-boomers.aspx
Steve in Greensboro
By the way,Ted Rall is an
idiot. Apparently, youare one too.
JR
This
conversationdoesn't havemuch value unless you can come up with some logicalcriticisms of what Ted Rall is saying.
I think his points are profound and I would beinterested why you think they are not -- in detail,please.
surf0766
Iguessyou
think armedsocialist revolution is the way too... Figures
arby63
Thatis a
foolishcomment.Are you an adult? The only thing socialist inAmerica is Obummer and his minions (aka TheFree Shit Army).
What will happen is getting more clear by theweek-- A breakdown in trust and rule of lawthat results in manydeaths.
In turn, that builds into chaos. We are on theverge.
Not MyRealName
Didyou forget the /sarc tag -- or are
you really that oblivious? Ted Rall is asocialist. How anyone can read hiscommentary and cartoons and not comeaway thinking he is anything but, is indenial.
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- 00:39 |5332353
Wed,10/15/2014- 06:09 |5332611
Tue,10/14/2014 -21:39 |5331807
Tue,10/14/2014- 21:51 |5331862
Tue,10/14/2014- 22:56 |5332092
lasvegaspersona
Rall is an idiot..but he is more annoying.Can't stand his comics.
As for logical support...it is a fact...look it up onthe internet.
nightwish
Someof the
naysayerscrack me up.You don't even need to trot data and charts out toknow that America is on its last leg. Thatrealization hits home for MANY despite the smoke,mirrors and obfuscation permeating media thesedays. The way to mitigate a full blowncomprehension of just how fucked we are is topresent one distraction after another - Ukraine,ISIS and Ebola - trot them out sequentially orconcurrently if need be so the masses areconstantly in a crisis state of mind, unable to honein on the REAL problems and enemy who concoctthese scenarios by design, or permit catastrophethrough indifference or incompetence becausethey are opposed to the freedom, liberties andfuture of the common man. The random stream ofconsciousness has become awakened, if notacutely aware, of the underlying dangers humanityfaces that are thrust upon us by the powerful. Thereckoning is imminent. If they want us to godown, let's drag them down with us.
homiegot
I'm one of theearly Gen-Xers, and I
went through allthose same recessions, and I'm no one special, butmanaged to have accumulated well beyond the averagepot of money. I must be a genius.
JR
Or aCaliforniaschool
teacher with yourpension of $107,000+ annually with yearly cost ofliving raises and hundreds of thousands of dollarsworth of health care insurance for you and yours plusa 101 other benefits...
I'm happy for you but that doesn't seem to apply toyour fellow men.
earl swagger
He's CaliGuy.
ALL of theabove AND entitled to 100% financing.
Cali Guy is entitled to three stated income/statedasset Cash Out loans.
In Cali your home is the income stream.
Cali Guy is entitled to live in the home three yearswhile a downstream investor pays your taxes &insurance to keep the security & lien position Intact. Someday, the Home you'll walk from will besold by FNMA for .42 cents on the $.
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Tue,10/14/2014 -21:45 |5331841
Tue, 10/14/2014 -20:25 | 5331565
Tue,10/14/2014 -20:36 |5331606
Hell yes you're entitled , Cali Guy.
You're a victim & entitled to every $ of DOJ /FHFA / CFPB / FDIC / HUD collected on vitims'behalf.
You go Cali Guy. The good news: You can rent thehouse across the street for 1/3 of that paymentyou haven't made & never change your kid's busstop.
Well done Cali Guy.. In 24 mos , you're entitled torepeat the cycle all over again.
RaceToTheBottom
Millennials arelearning thatthey have no
chance.
They now are avoiding cars like the plague. Problem isthat taxpayers will have to pay for mass transit. Thatmight be a problem for the low tax set as they approachretirement...
Oxygen
Everything lookfine!BTFD!
Bananamerican
smack theS&P another
100 and we'll talk....
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