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Posts Tagged ‘lending’

Can the United States of America afford a decades-long war with ISIS? Can the U.S. contain Russia should it annex its neighbors? Can we confront North Korea if its dictator teams up with a nuclear-armed Iran? Will Big Government have an incentive to secure our borders if we need new and future taxpayers — legal and otherwise — to service the interest on our debt?

There’s no doubt the United States has the best-equipped military in the world. But that may not add up to a whole lot of security if we don’t get a handle on the national debt — before it’s too late.

“I.O.U.S.A.” is as relevant today as it ever was when it debuted in 2008 on the heels of former Comptroller General David Walker’s two-year Fiscal Wake-Up Tour. The only difference? Instead of ~$9 trillion the U.S. is running a deficit today in excess of $18T. That works out to a staggering $3 million per minute — for a figure currently in excess of $56K per American!:

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For all the talk of Wall Street reform and consumer protections the problem of predatory lending has not been eliminated.

Subprime lending continues in the auto financing industry and elsewhere, and unlike conservatives’ criticism of the housing market there are no federal subsidies to finger. Policymakers have, indeed, caused the problem but for reasons other than what many of us have been led to believe. True, Freddie and Fannie Mae advocated for the dream of home ownership even as it floated out of Americans’ reach. However, this reality only begs the obvious but lesser asked question: Why is the American Dream drifting out of reach in the first place? And might the answer to this question reveal that the hollowing-out of the middle class bears a reciprocal relationship to market volatility?

 

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