BOSTON, Jan. 7, 2009

Late Loan Payments Hit Record High

3Q Delinquencies Hit Record Levels For Indirect Auto Loans And Home Equity Lines Of Credit

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(CBS/ AP)  Late payments on consumer loans in last year's third quarter hit the highest level since record-keeping began in 1980, the American Bankers Association said Wednesday.

The association said delinquencies rose to a seasonally adjusted 2.9 percent from 2.68 percent in the second quarter. The number is a composite ratio reflecting the percentage of accounts across eight categories of consumer loans with payments overdue 30 days or longer.

The previous record was 2.88 percent, set in the third quarter of 1989, ABA spokeswoman Carol Kaplan said.

The problem started with mortgages, reports CBS News business correspondent Anthony Mason, but now delinquencies on auto loans and home equity loans have reached record levels. And a new study says it's spreading to credit cards.

Since July, the study found, balances that are more than 60 days past due have risen more than 34 percent, Mason reports, and 5 percent of all credit card borrowers are now more than 2 months behind.

The Washington-based ABA said delinquencies hit record levels in the July-through-September period for two types of loans: indirect auto loans and home equity lines of credit.

Indirect auto loans, which account for 90 percent of auto loans, are bank loans arranged through a third party such as an auto dealer. Delinquencies for those loans jumped to 3.25 percent from 3.07 percent in the second quarter, the ABA said. The previous record in that category was 3.13 percent, set in the fourth quarter of 2007.

Delinquencies for home equity lines of credit rose to 1.15 percent from 1.08 percent. The previous quarterly high in that category was 1.1 percent, set in last year's first quarter.

"The number one factor in rising consumer credit delinquencies is job losses," said James Chessen, the ABA's chief economist. "With one million jobs lost in the first three quarters (of 2008) and two and a half million expected for the year, delinquencies of all types of consumer loans will likely increase in the coming quarters."

The bank card category was one of only two that showed a third-quarter decline in delinquencies, dropping to 4.2 percent of all accounts from 4.54. The other category that fell was direct auto loans, with delinquencies declining to 1.71 percent from 1.77 percent.

In addition to indirect auto loans, categories that make up the composite ratio and posted increases in third-quarter delinquencies included: property improvement, marine, recreational vehicle, mobile home, personal loans and home equity loans.




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Add a Comment See all 52 Comments
by credibility2 January 7, 2009 3:24 PM PST
If people aren''t able to pay on the time, the very least they should do is to call their creditor, explain the situation and see if a repayment schedule can be worked out, even if it''s only a small portion of what is owned. This is why it pays to live within one''s own means, in the event they lose their jobs, get ill, etc. and find themselves in a position where they can''t pay what they contracted for. I think a lot of people deliberately default because they no longer care about their financial obligations or their credit history.
Reply to this comment
by kittykatty2 January 7, 2009 3:37 PM PST
oh shut up credibility2. you sound like a pompous ***. I pay my bills on time always, however, I don''t have to worry about losing my job...i don''t think. However, for those who have fallen on hard times, don''t you think they''ve already tried to call their creditors? Creditors are not the easiest people in the world to deal with and can be downright moronic. And by the way, if everyone lived within their means...there would be a whole lot more financial entities out of business.
Reply to this comment
by ddaryl1 January 7, 2009 3:41 PM PST
The home equity mindset became the only way many people could afford homes in the cities where there jobs where. They couldn''t afford the house but they couldn''t jus tsit around and watch prices go higher and higher. This caused people to buy wait a year and start tapping equity for survival...

there is plenty of blame to go around, but the problem is unregulated captialism... everything needs to be regulated to ensure a fair wealth distribution system and that the prices of goods and services fall more fairly in the range of affordability.

SO many just can not be satiable in there wants and desires. Those who are wealthy beyond need still crave more wealth and the power it comes with...

Right now we have a country which is deperate for jobs, and people who are desperae for finacial relief and yet not one bilionaire has stepped up with any real signicance to make a major chage. Not one billionaire has said they will keeep or create new jobs for Americans and sacrafice some of themselves to do it...

People who control that much wealth and yet do nothing for the people that are very responsible for their wealth are a huge concern for citizens. The only thing we get from Wallstreet is more job and benefit cuts, and attacks against organized labor... and the extremely wealthy just worry about the millions they are losing even though they have still have more money then any human could possibly need
Reply to this comment
by ddaryl1 January 7, 2009 3:42 PM PST
People who dont pay their bills are called Liberals and they have messed this entire country up with their entitlement attitude.

Posted by lady_organs

--------------------------------------------------------------------------------

really I''m a liberal carry very little debt and have a credit score of 796...

do people like you acutally believe the stuff you sya, or is it just a way to start a civil war via your hate mongering ?
Reply to this comment
by bmh1953 January 7, 2009 3:44 PM PST
Seems to me that somebody is trying to blow air up our a**holes! Just look at the percentages being quoted. Out of all the millions and millions of these types of "loans" ... the percentage is miniscule!

Just what I love slow new days!
Reply to this comment
by donevis-2009 January 7, 2009 3:48 PM PST
As the economy falls apart and the credit card company''s start to squeal, I''ll just stop paying them altogether. What are they going to do? Ruin my credit rating? HA, who will care by that time.. BTW a lot of people I talk to feel the same way. Then the banks will stop cashing pay checks unless money is confiscated by the teller from the payout amount to pay the Loan Shark C.C. company. Then we can demand our pay in cash from our employers and really cause a problem. I would love to tell them to take their 24.9% rip-off interest and sit on it.
Reply to this comment
by bmh1953 January 7, 2009 3:54 PM PST
Okay, I have stopped laughing and am asking for a vote!

All in favor of "lady_organs" putting a sock on it say Aye! all opposed say nay. The ayes have it!
Reply to this comment
by stevenapoli-2009 January 7, 2009 3:59 PM PST
We all control our own financial destiny. It doesn''t matter who''s in the White House or Congress. We are the CEO of our own enterprise. It is up to us to keep our house in order. Do not rely on the government. And let''s not abandon liberty just becuase times are tough. We got it better than 99% of the World.
Reply to this comment
by Renegade.Rivers January 7, 2009 4:12 PM PST
In the economy we live in, if one person loses their wages, it can sink a household. How is it that our congress will even allow c.c. comps to charge people interest of over 30% on credit cards?

No matter how anyone looks at it, it is highway robbery, especially when most of the major c. c. providers are owned by companies that were bailed out by our government.

Our nation has been run on credit for years, and that is not nearly all the fault of the people. The government seems to believe it is the right way to do business. The big corps seem to believe its the right way to do business. Even the banks think its the right way to do business. Then when they get in a bind the government finds some excuse to bail them out.

But let the little guy get in over his head, for what ever reason, and they will hang his but out to dry ever time. Any citizen that believes what we have here is a fair system, needs to reexamine their ideas.

There is going to have to be some adjustments made, or there will be a lot of unrest coming. There are a lot of people who never missed a payment in their life that are now in dire straits, either we find a way to get everyone to shore, or were all going to sink together.



Reply to this comment
by nycgirlnaz January 7, 2009 4:16 PM PST
Posted by ddaryl1
========================
Yes I believe the stuff I say. I also believe you are lying because no liberal pays their bills on time.

Posted by lady_organs at 03:47 PM : Jan 07, 2009

Another NASTY repuk.... who knows nothing but to spit hate when others are better off than she is...

I own my house, have ''0'' credit card debt - 30K in CASH in the bank just for emergencies, 401k not as good as it once was but still better than most and a FICO of 786.... and I am a well educated DEMOCRAT!!!!
Reply to this comment
by Renegade.Rivers January 7, 2009 4:25 PM PST
Glad to see a republican placing blame on Bush like it should be, Posted by demswin08

Wait till this time next year,and you may come to realize the Demos are just a guilty as the Repubs. Then again maybe not, because the Demos, are always in denial.

They deny that the bailouts fall squarely on their shoulders, they deny that Clinton signed the bill that done away with many of the protections that were put in place after the last depression. They will deny anything to blame it all on the Republicans.

The fact is they are both equally at fault for not doing their jobs and protecting the American people from economic ruin.

"Keep denying, if you deny long enough, maybe some fools will believe it." The motto of the Democrat party. Of course when was the last time you seen a politician that didn''t lie out of both sides of mouth, from either party. Not many around, in either party.
Reply to this comment
by Renegade.Rivers January 7, 2009 4:30 PM PST
I own my house, have ''''0'''' credit card debt - 30K in CASH in the bank just for emergencies, 401k not as good as it once was but still better than most and a FICO of 786.... and I am a well educated DEMOCRAT!!!!

Posted by nycgirlnaz

I''d also guess your a braggart and maybe even a liar, too. That is unless mommy and daddy got you where you are. If such is the case, then you don''t need to bragging about it.
Reply to this comment
by missingamerica January 7, 2009 4:35 PM PST
Yes I believe the stuff I say. I also believe you are lying because no liberal pays their bills on time.

Posted by lady_organs at 03:47 PM : Jan 07, 2009

Now THERE is a stellar example of an inability to judge creditworthiness.

Methinks lady_organs has a future with fannie mae.
Reply to this comment
by nycgirlnaz January 7, 2009 4:44 PM PST
Posted by nycgirlnaz

I''''d also guess your a braggart and maybe even a liar, too. That is unless mommy and daddy got you where you are. If such is the case, then you don''''t need to bragging about it.


Posted by renrivers at 04:30 PM : Jan 07, 2009

Another Repuk that cuts and pastes previous comments to fulfil their OWN need while removing the original post... Wasn''t bragging - was responding to an IDIOT who claims that ALL Democrats do not pay their bills!!!! I got all my money through WORKING by tail off for years - nobody GAVE s#it to me - I never took a hand out from anyone - I WENT TO COLLEGE AND GOT A DEGREE IN A FIELD THAT PAYS A DECENT WAGE!!!! I learned to live within my means and SAVE for a rainy day - but most importantly - I learned very early in life not to depend on any MAN for money EVER - something most parent''s do not teach their daughter''s!!!! Thank God - my mother taught her five daughter''s differently!!!!
Reply to this comment
by simplemind2 January 7, 2009 4:55 PM PST
Hummmm - I wonder what''s the big deal here? With the latest US Economic woes - home foreclosure, job losses...etc - this article stated "Late Loan Payments" - seems
to me "better late than never"! We spend 3 Billions - i.e. 3,000,000,000.00 US tax-payers'' hard-earned money EVERY WEEK in Iraq to RE-BUILD that country. After Iraq
becomes prosperous - THEN maybe it will become our turn! In the meantime, tighten your belt and keep your dream alive!
Reply to this comment
by missingamerica January 7, 2009 5:00 PM PST
I learned very early in life not to depend on any MAN for money EVER - something most parent''s do not teach their daughter''s!!!! Thank God - my mother taught her five daughter''s differently!!!!

Posted by nycgirlnaz at 04:44 PM : Jan 07, 2009

So, your boss is a woman? Her primary lenders are women? Women own any extant notes on you or your boss'' business'' assets? All of your customers are women?

Trivial pursuit, to me - I just dislike blanket statements that weep an "ism" when squeezed.
Reply to this comment
by bigboy1069 January 7, 2009 5:09 PM PST
I AM A REBULICAN BECAUSE WE ALL CAN''T BE ON WELFARE. SOMEONE HAS TO WORK FOR A LIVING
Reply to this comment
by renonv5 January 7, 2009 5:14 PM PST
Late Loan Payments Hit Record High

I guess they better get used to that, no sympathy here. All those billions given to banks everywhere should have cancelled out all those loans. Let''s just start from scratch.............
Reply to this comment
by trillion1 January 7, 2009 5:20 PM PST
Hundreds of billions to the wealthy, not a dime for the working Americans. This is the GOP bible. The Dems just got control of congress and the WH so blaming them for all the GOP mess ups is laughable.
Reply to this comment
by nycgirlnaz January 7, 2009 5:30 PM PST
Posted by nycgirlnaz at 04:44 PM : Jan 07, 2009

So, your boss is a woman? Her primary lenders are women? Women own any extant notes on you or your boss'''' business'''' assets? All of your customers are women?

Trivial pursuit, to me - I just dislike blanket statements that weep an "ism" when squeezed.


Posted by ibsteve2u at 05:00 PM : Jan 07, 2009

No - Steve - the key to my posting was and is - if we teach our daughter''s (and son''s) from an early age on that EDUCATION and learning how to live on what you earn - than - fantasies like - "A white-knight in shining armor is going to take care of you for the rest of you life c@ap..." Being self-supportive, EDUCATED and happy and then being able to share that ''independent'' self with another is key!!!
Reply to this comment
by ontheleft January 7, 2009 5:48 PM PST
Just because the debts are "written off" doesn''t mean they don''t try to collect. The debts are sold to third parties and collection agencies - where even the smallest amount is pursued in small claims court. The consumer bankruptcy laws were rewritten in 2005 and the squeeze is on for millions of Americans who will be sucked dry.
Reply to this comment
by newo2000 January 7, 2009 6:00 PM PST
Correct... "charged off" is an accounting term which has no bearing on the fact that the debt remains valid and collectible... bankruptcy laws were amended, but they still work fine... call your local bankruptcy lawyer for the help you need... the good ones only are concerned with what is best for you...
Reply to this comment
by cbscrash072 January 7, 2009 7:22 PM PST
I considered letting mine slide just to see if the government would rush in to pay off my mortgage. I know a lot of people were thinking the same thing but I don''t know how many followed through with it. I wonder if any economist have considerd that people know things will get cheaper here shortly and that they can make them even cheaper by waiting out the retailers. I''ve been doing that for a while now I put all my Christmas purchases off to the last minute and saved a lot of money.
Reply to this comment
by tmittelstaed January 7, 2009 7:30 PM PST
I am also a Democrat who pays his bills and the only debt we carry is the mortgage on our home. But I am not as foolish or boastful as some on this forum. I know our household expenses and income - and if I was out of work for a year it would severely harm us. There is nothing that separates me from a lot of people out there other than having a paycheck.
People don''t seem to understand that these days so very many jobs in the US economy are present due to structural decisions made by government. When the laws were adjusted to make it cheaper for companies to outsource labor to foreign countries then most companies did so - and the ones that refused (more than you think, by the way) were driven out of business so it didn''t matter that they may have resisted in the long run.
The only reason that today there''s interest in the government in fixing the mess is that the rich people are now seeing their own wealth starting to go away. But for the last half-century the wealthy have arranged with the government to move more and more of the nation''s wealth away from the middle class and into their pockets - they have been doing it for so long that they basically forgot that eventually the regular people won''t have anything left to take away.
Reply to this comment
by caddillackid January 7, 2009 7:33 PM PST
I AM A REBULICAN BECAUSE WE ALL CAN''''T BE ON WELFARE. SOMEONE HAS TO WORK FOR A LIVING posted by--smt1013

First of all I would''nt tell anybody that...it''s nothing to be proud of pops, especially after your stupid cowboys leadership past eight years. Take 8 years of Clinton, 8 years of Bush...under which administration did you have the most money? So don''t go putting down anybody, if you wanna put someone down, anyone in your party will do. Your right, we cant all be on welfare, If your party stayed in power, we''d all have to be. Jerk!!

Reply to this comment
by tmittelstaed January 7, 2009 7:34 PM PST
Now the wealthy are seeing the systems they have put into effect to transfer money to themselves begin to eat into their own wealth, and they are scared. That is what this government bailout of Wall Street was all about.
Reply to this comment
by trillion1 January 7, 2009 7:36 PM PST
smt is an idiot troll. We are conservetive and he is an embaressment. We voted for Obama because Ameraca can no longer endure people like him.
Reply to this comment
by surreal64 January 7, 2009 8:20 PM PST
Why were busboys anf gardeners given those home loans again?
Reply to this comment
by debinok1 January 7, 2009 9:13 PM PST
I saw this coming for years. Saw house prices in my area skyrocket. Saw more and more people getting hooked on more and more credit cards. Saw wants become needs. Bigger cars, bigger houses, bigger TVs always bigger better newer something. While Bush policies made this possible, the American people made it happen. This is the by-product of credit living.
Reply to this comment
by nothappyatall January 7, 2009 9:20 PM PST
Why were busboys anf gardeners given those home loans again?

Posted by surreal64

Because they had JOBS, a steady work history, lived int heir residence for at least 3 years, never had a bankruptcy or collections action etc etc, THEN they LOST their jobs OR a sudden medical bill wiped them out.
Reply to this comment
by tincup356 January 7, 2009 9:23 PM PST
It doesnt take a rocket scientist to figure out...The middle class is going broke by the day...Our governments wars on everything have just about brought us to our knees...sending the price of everything out the roof......Big oil is still gouging hard at the pumps and it eats into the cost of everything ......Credit card companies are making billions off of late fee''s alone....not to mention rates up to 29%...after getting loans from the government at 1/2 to 1 %.....how is that helping the economy?...It isn''t, it just causes more strain where it is needed the least...the middle class.Greedy basturds.
Reply to this comment
by tincup356 January 7, 2009 9:30 PM PST
So what is it? What is this great fear about leaving and finding security in another land? Your forefathers did exactly that, remember?

Posted by expatriate2 at 09:11 PM : Jan 07, 2009...................................................... the problem is America is my home born and raised here.....I''m sick and tired of watching lifetime politicians,*** up our country, not representing the people,going to wars that they had no business going to,wiping their butts with the bill of rights and constitution,,,,and last but not least.....Robbing taxpayers for generations to come....to give money to banks that paid big lobby dollars...they are committing treason....any true patriot would take Thomas Jeffersons advice and prepare their arms against threats from within.
Reply to this comment
by mythoughtsr January 7, 2009 10:15 PM PST
We found ourselves in trouble last year. One 2 month layoff did us in. We were behind in everything but the house and vehicle. We cut services. I work from home online so we kept the internet but that is tax deductible. We went to digital select cable, stopped the cell phones, no eating out, no vacation, we called our credit card companies and told them what we could pay and they said, NOPE! It wasn''t enough. We had emergencies with our sewage busting and our roof had to be replaced, dryer went up, you name it. We called them and said, "We want to pay". THEY said no. So, we filed Chapter 7 and in 6 weeks, they lose it all and we owe NOTHING. Do I feel badly? H.e.l.l no. They were rude, called us 40-50 times a day, called us liars and thieves, well guess what, now we''re debt FREE, cut up the cards and they can stuff a sock in it!
Reply to this comment
by fahren451 January 7, 2009 10:21 PM PST
I am also a Democrat who pays his bills and the only debt we carry is the mortgage on our home. But I am not as foolish or boastful as some on this forum. I know our household expenses and income - and if I was out of work for a year it would severely harm us. There is nothing that separates me from a lot of people out there other than having a paycheck.
People don''''t seem to understand that these days so very many jobs in the US economy are present due to structural decisions made by government. When the laws were adjusted to make it cheaper for companies to outsource labor to foreign countries then most companies did so - and the ones that refused (more than you think, by the way) were driven out of business so it didn''''t matter that they may have resisted in the long run.
The only reason that today there''''s interest in the government in fixing the mess is that the rich people are now seeing their own wealth starting to go away. But for the last half-century the wealthy have arranged with the government to move more and more of the nation''''s wealth away from the middle class and into their pockets - they have been doing it for so long that they basically forgot that eventually the regular people won''''t have anything left to take away.

Posted by tmittelstaed at 07:30 PM : Jan 07, 2009

bump
Reply to this comment
by toobigtofail January 7, 2009 10:28 PM PST
tmittelstaed

at 7:30 pm, excellent description of whats going down
Reply to this comment
by whitemale08 January 7, 2009 10:29 PM PST
If you look around accross America just about every town looks like the trash you see on the floor in a nightclub when it shuts down.

We had a big credit card party and now the party is over, we literaly ate our houses by taking out home equity to shop at Wal Mart.

Now the entire financial system has crashed because there is no rebound from this.

The only hope we have is a New Bretton Woods fixed-exchange-rate system that will stabilize our currency and then we can rebuild America the right way and finish development of countries in Africa, Asia and South America.

That will put everybody back to work. Wall Street/City of London will just have to shut down and go away while human beings work together to better humanity.
Reply to this comment
by missingamerica January 7, 2009 10:46 PM PST
You are being frankly brainwashed with this krap that the rich have taken advantage of you...when the only ones taking advantage of you is your government that won''t stop spending either. In fact the government is trying to attack the rich also and render them poweless...the only problem is, this is not a dictatorship (yet), and your government representatives need the rich to get elected. Catch 22.

Posted by TexHillGirl at 10:38 PM : Jan 07, 2009

So, that is poor people who pay all of the lobbyists on "K" Street to pay Congress what to do?

Well, I''ll be an krap-believing, elitest, increasingly-liberal ***********!
Reply to this comment
by missingamerica January 7, 2009 10:54 PM PST
(P.S., genius: Due to excessive greed on Wall Street in combination with excessive greed among the various oil cartels [the producers, refiners and distributors, and hedge funds], the credit that was driving the credit-based economy the Fed and the Republicans created to conceal the ill-effects of inequitable free trade and "trickle-down" economics that rained money on many other nations but not here dried up and the economy stopped.

Or can''t you read, either?)
Reply to this comment
by flsunjnky January 7, 2009 11:06 PM PST
Nice HillGirl. Americans have invested in their future, and watched it go down the drain when the market fell, the 401Ks disappeared, and they got foreclosed on. What a joke, go ahead and blame it on people trying to build a retirement and a future. And then tell them they have created a communistic opportunity! Get counseling!
Reply to this comment
by shanev137 January 8, 2009 12:15 AM PST
Actually our country has been in much worse shape than this before. We''''ve just all conveniently forgotten those time, becasue mostly people are brainwashed by the media humping statistics that most likely aren''''t even real.


------------


Like when?

Are you saying we all just conveniently forgot how bad it was during the 1930''s?

Made up statistics that aren''t even real?

You really don''t think a hell of a lot of people are losing their jobs right now?

You really don''t think our country is $11 trillion in debt right now?
Reply to this comment
by downtowner97 January 8, 2009 12:18 AM PST
I am a homeowner. I am miserable as I watch the value of my home drop by the day. The house is worth less than I owe on it. My one employee is a renter. Life has not changed for him, in fact, he hopes to be able to re-negotiate a lower rent when his lease is up.

People who live from paycheck to paycheck were always looked down upon by homeowners with retirement accounts. Now these people are in the enviable position of being able to move to follow what work is left, and to take on roommates to help with the rent.
Reply to this comment
by flsunjnky January 8, 2009 12:23 AM PST
It''s really nice if you can live with your head in the clouds. Denial? Is that what they call it? The fact is that we are where we are. Solutions come from forward thinking.
Reply to this comment
by flsunjnky January 8, 2009 12:27 AM PST
downtowner97, you are in the very position that many of Americans are into right now. And we need solutions. We don''t need them from yesterday, we need them now and we need them now. Solutions that will last for us and be there tomorrow too.
Reply to this comment
by missingamerica January 8, 2009 12:56 AM PST
You know the sad thing - as necessary as it may be - about Obama''s stimulus idea that is based upon the reconstruction of our sadly and long-neglected infrastructure?

Most of those computer scientists, engineers, and the other highly-educated, highly-proficient types who invested all of that money into getting expensive four-year degrees have been displaced by the lower cost of living and lack of environmental and worker and consumer safety laws offshore?

All they have to look forward to is downgrading their dreams to accommodate the continuing slide in their income-generation capabilities.

And the march to dumb down America and eliminate its technological superiority stumbles on...
Reply to this comment
by flsunjnky January 8, 2009 12:57 AM PST
I believe the job statistics are greatly a bunch of BULL!
....how can you expect people to be happy crapped up in a bunch of slums where there''''s no work and no efforts for work, because nobody wants to invest there...
Posted by TexHillGirl

Do you realize that this is a national problem? Don''t you know that slums are not in rural communities where unemployment is rampant? Do you really have any clue.

No. You have a frail grasp on reality.
Reply to this comment
by flsunjnky January 8, 2009 12:59 AM PST
You''re right ibsteve2u. Most of the people that HillGirl refers to, as far as gaining employment after 17 weeks of unemployment, are underemployed! And we need to think that is progress? HA!
Reply to this comment
by missingamerica January 8, 2009 12:59 AM PST
The freaking Jews took the most krapped out place on the earth and made it BLOOM! WHAT''''S WRONG WITH AMERICANS?

Posted by TexHillGirl at 12:52 AM : Jan 08, 2009

lollll...

Li''ll Miss "Liberals live on welfare!" conveniently chooses to ignore the massive subsidies Israel has received from the U.S. taxpayer for decades upon decades when doing so would interfere with her hard-right biases...
Reply to this comment
by flsunjnky January 8, 2009 1:08 AM PST
No, ibsteve2u. She thinks that we need to take the most krapped out place on the earth that the Republicans have left us and made it BLOOM!
Reply to this comment
by stinginrich January 8, 2009 4:59 AM PST
"We''ll meet again, don''t know where, don''t know when,
But I know we''ll meet again, some sunny day.
Keep smiling through, just like you always do,
''Til the blue skies drive the dark clouds far away"...

-Dame Vera Lynn


Well, it was a nice little run, (233 years), but once again, the Greedy Scumbags, Buttweasles, and Assmonkeys couldn''t help themselves from sucking it dry......


United States of America
1776 - 2009
R.I.P.
Reply to this comment
by alphaa10000 January 8, 2009 5:58 AM PST
There should be an immediate moratorium on debt "late fees" and other measures designed to make the fat, fatter.

Not only must creditors do their part out of a sense of national solidarity, but out of self-preservation.

What happens when the lenders'' punitive fee structure overburdens the consumers they are bleeding white?
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