Analysts worry that mortgage troubles could spread to auto loans

...is how many people in this country who should know better are astonished by all this creeping rot in the economy, and STILL won't acknowledge the truth.

Faith meet fact.

... but most are in deep, deep, deep denial. Because most are completely ill-prepared to deal with what is coming.

the credit cards and then they come for the people.
American Facism.

... to give this administration any credit, because they don't deserve any.

But I don't think this was a planned outcome.

What really happened was simple. A recession-hangover was looming in 2001. The "independent" Fed (Greenspan) did not want the Republicans to suffer the political fallout over his refusal to control things in the 90s.

So, instead of having a nice little 1-2 year recession that would have cleaned everything up, he opted to reduce real interest rates to 0% and flood the economy with cash. Once the cash spigot was opened, it didn't take the real-estate and mortgage biz long to figure out how to exploit it.

Like most Americans, the players, once realizing that the party was in danger of being over, held on to hope and optimism. Hope is not a strategy, so no surprise it's not working.

I still marvel at how the mainstream financial press works so hard to minimize this whole mess. In a year, no amount of minimization will do any good.

...it would have been more apparent long ago.

Just another example: yesterday the corporate media covered holiday travel all day. They were gushing over how well the airlines & TSA were handling the crowds. Lines were minimal! Flights were mostly on time!

But it was apparent throughout the day, just by looking at the camera shots in the airports, that the alleged "crowds" didn't exist. People weren't flying in the usual numbers, likely because they can't afford it.

They can't hide these truths forever.

I doubt people will fall behind on their auto loans; they have to have some place to live!

... funny guy :)

Well, under overpasses is free. As long as the POlice don't chase you out :)

:rofl: