April 30, 2010
A Long Overdue Correction
I just noticed that parts 5 and 6 of the "unsustainable" series posted below are in the wrong order. If you read part 6 first, part 5 will make more sense. My apologies.
April 24, 2010
Thoughts On Wall Street
Wall Street’s reason for existence is to invest in our economy by providing start-up funding, equity, loans, and other forms of financing to the private sector. Wall Street is supposed to be like economic fertilizer, spreading money around to promote growth. If Wall Street makes good investments and helps the economy grow, it should profit. If not, it shouldn’t.
March 13, 2010
Interesting Times
So far in 2010 we've seen two huge earthquakes and a tsunami, an airplane flown into an IRS building, a professional hit squad in a hotel, a ticklish congressman amongst an assortment of elected middle-aged perverts and adulterers, and now this . . . Irish police detaining Americans involved in a terrorist plot to kill some Swede. They didn't like the Swede's drawing, you see.
And it's only March. Wear a helmet.
March 12, 2010
Many More Foreclosures To Come
In my previous post I spoke of the barrier that the massive amount of bad consumer debt poses to economic recovery. Mother Jones has an article by Andy Knoll describing large numbers of foreclosures hiding in the background that have yet to be processed, and the millions more that have fallen behind but have managed to hold on thus far. The story is a vivid illustration of the need to resolve as much of this bad debt as quickly as possible. You can find it here: http://motherjones.com/mojo/2010/03/foreclosure-shadow-market-grows
March 11, 2010
Great News! 2009 Credit Card Charge-Offs Exceed $80 Billion
Throughout 2009, outstanding consumer credit balances fell. This was often described as consumer "deleveraging," or paying off debts.
Posted by
John Carney
at
5:40 PM
Labels:credit, credit scores, credit cards
Charge-Off,
consumer credit,
Consumer Debt,
Credit Cards,
debt,
deleverage,
Wall Street
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March 3, 2010
"Unsustainable"- The Series
Welcome to 2nd Thought. This blog is still under construction, but a series called "Unsustainable" has been posted to start things off. This series of articles explores some of the consequences and morality of a debt fueled economy. Enjoy and feel free to comment.
On Borrowed Time
Posted by
John Carney
at
11:16 PM
Labels:credit, credit scores, credit cards
consumer credit,
consumer spending,
debt,
retirement,
trade,
Wall Street
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Credit Scoring and Subprime Lending
Posted by
John Carney
at
11:16 PM
Labels:credit, credit scores, credit cards
consumer credit,
consumer spending,
debt,
retirement,
trade,
Wall Street
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FICO, Credit Bureaus, and Privacy
Posted by
John Carney
at
11:15 PM
Labels:credit, credit scores, credit cards
consumer credit,
consumer spending,
debt,
retirement,
trade,
Wall Street
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You Have No Choice
Posted by
John Carney
at
11:15 PM
Labels:credit, credit scores, credit cards
consumer credit,
consumer spending,
debt,
retirement,
trade,
Wall Street
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"Responsibility"
Posted by
John Carney
at
11:14 PM
Labels:credit, credit scores, credit cards
consumer credit,
consumer spending,
debt,
retirement,
trade,
Wall Street
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The New Morality
Posted by
John Carney
at
11:13 PM
Labels:credit, credit scores, credit cards
consumer credit,
consumer spending,
debt,
retirement,
trade,
Wall Street
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Trading Prosperity
Posted by
John Carney
at
11:12 PM
Labels:credit, credit scores, credit cards
consumer credit,
consumer spending,
debt,
retirement,
trade,
Wall Street
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Stunting A Recovery
Posted by
John Carney
at
11:12 PM
Labels:credit, credit scores, credit cards
consumer credit,
consumer spending,
debt,
retirement,
trade,
Wall Street
0
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