Mrcauser’s Weblog

Just another weblog

why lend money to broke dicks?…..

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All the banks have to do is buy  government debt and just lend to the smallest risk consumers. I’m getting great credit card offers now even though borrowing on them is silly. Discovery, for instance has offered 12 months interest free on balance transfers, 9 months no interest on purchases and no yearly fee. I’m told that Citi, owned by the U.S taxpayers, is offering 18 month interest free.

As tempting as these offers are. I’ll stick to the credit union, which will lend me pretty much the same money at 4.5% or so. I’ve turned down RV and boat loans at no money down for loans at or below N.A.D.A blue book.

I’m still thinking that real estate will be a better investment in a year from now with mobile homes a pretty good buy now. I’m also convinced that we’ll enter a new short term boom before Oba mama’s reelection but will only re-collapse .

In the meantime I’m paying off every month my rewards credit card and getting ready to borrow more personal money for bargains. I’m also stocking up on food again as prices will go only higher as the Russians are not exporting food and American agribussiness are taking advantage by raising prices big time.

Get your shit together and get ready!

The Real Reason Banks Aren’t Lending | Credit Writedowns

The US economy is showing signs of slowing, as the fiscal stimulus is dissipating and spending contractions at the state and local government level increasingly undermine the injections from the federal sphere. Worse, it appears that much of the growth has resulted largely from a replenishment of inventories, a process which largely seems to have run its course. Excluding this inventory re-stocking, underlying growth was a very tepid 1.5% annualised. Fiscal drag from state spending contraction could well reduce overall consumption even further in the quarters ahead, an ominous trend for future growth and employment prospects. While we may not experience a “double dip” in purely technical terms, it will certainly feel like a return to recession
for most Americans if Geithner’s assessment is anywhere close to being accurate.

Written by mrcauser

September 12, 2010 at 5:15 pm

Posted in Uncategorized

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