And why no bailout for these folk: An AmeriKan Surge
"US consumer credit shrinks; February demand declines by $7.48b" by Bloomberg News | April 8, 2009
WASHINGTON - The pace of borrowing by US consumers fell in February as fewer Americans sought credit to make purchases amid what may become the worst recession in seven decades....
Demand for credit in the United States probably shrank further in March, the fourth straight month job losses exceeded 650,000, as unemployment climbed and banks remained reluctant to extend affordable loans....
"Consumers know they have to cut back on debt," said Christopher Low, chief economist at FTN Financial in New York. "But it's hard to change old habits, so we go through these periodic binges of credit, as we did in January, and then we go through a couple of months of paying down our balances."
Yeah, WE KNOW -- only the LOOTING GOVERNMENT DOES NOT!
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As of Monday, the Fed had bought $33.57 billion in US debt through six buy-back operations since March 25, when the central bank began buying longer-term Treasuries to try to reduce consumer lending rates and lift the US economy.
As the TAXPAYER SINKS TO HIS KNEES due to the TRILLIONS that have been printed or borrowe for this foolishness and fraud!
The Fed plans to acquire up to $300 billion in Treasuries over six months as part of its efforts to unfreeze credit.
I'm sick of hearing about the credit, blah, blah!!
LOOK, PLANNED to LOOT:
U.S. Banks Driving Credit Crunch ON PURPOSE!!
Bush Administration Created Credit Crunch Crisis
Banks Cut Off CreditObama only continuing it because he paid off by same Wall Streeters and bankers!
Oh, yeah, chew on this one for a while: Congress and Bush Colluded to Loot American Worker
"Relieving disruptions in credit markets and restoring the flow of credit to households and businesses are essential if we are to see, as I expect, the gradual resumption of sustainable economic growth," Fed chairman Ben S. Bernanke said last Friday....
Why should we believe him after he and other brightest of the bright, trained by the best business schools, etc, f*cked it up so much.... unless.... ?
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