Consumer banking - selling debt to middle class families - has been a gold mine.
Sentiment: NEGATIVE
The middle and working classes are paying the debt that the financial markets created.
People get into debt head over heels because banks make it so easy to do so. Then the banks come along and act like these people who can't or won't pay their bills are the dregs of society.
For too long, tricks and traps in mortgages, credit cards, and other financial transactions have stripped wealth from working families.
Bankruptcy exposes the economic vulnerability and insecurity of middle class women.
My own feeling on the consumer is that he - he or she looks at what it costs them to pay their bills every month as opposed to how much debt they have.
Debt is a drag, a reality you may experience with every credit-card bill you open. But for a corporation or a government, it can be even more of a drag - on economic growth and job creation.
The rise in the price of gold is a sign that capitalism has stumbled.
There's more student debt than credit card debt! Everywhere I go, I run into young people trying to build careers while they keep shelling out money on their education loans. If the economy is looking for a new generation of home-buyers, I can't imagine they'll get it from these folks.
All but a very few of us are in debt. We exist as entities who borrow money and spend the rest of our lives making interest payments on a debt tally that never seems to budge. Whatever wealth we have, in labor, property or cash, is suctioned to the top.
There is nothing left now for us but to get ever deeper and deeper into debt to the banking system in order to provide the increasing amounts of money the nation requires for its expansion and growth.
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