April 11, 2012
Back at the Trough Again, Snuffling and Snorting

It is hard to avoid thinking that these people are perfect swine, so I won’t even try. Oh, and let me be clear: I’m not talking about people like Annette Alejandro.

From the New York Times:

Annette Alejandro just emerged from bankruptcy and doesn’t have a job, and her car was repossessed last year. Still, after spending her days job hunting, she returns to her apartment in Brooklyn where, in disbelief, she sorts through the piles of credit card and auto loan offers that have come in the mail…

But as financial institutions recover from the losses on loans made to troubled borrowers, some of the largest lenders to the less than creditworthy, including Capital One and GM Financial, are trying to woo them back, while HSBC and JPMorgan Chase are among those tiptoeing again into subprime lending.

Credit card lenders gave out 1.1 million new cards to borrowers with damaged credit in December, up 12.3 percent from the same month a year earlier, according to Equifax’s credit trends report released in March. These borrowers accounted for 23 percent of new auto loans in the fourth quarter of 2011, up from 17 percent in the same period of 2009, Experian, a credit scoring firm, said.



Posted by Jerome Doolittle at April 11, 2012 04:43 PM
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I remember Paul Krugman making the remark early on when Larry Summers and that crowd got on board the economic team and he in essence said, as if talking about a worn out beyond repair engine under the hood of an old automobile, something like "they're trying to start the thing up again". And Krugman was aghast that anyone would even attempt to do that for something that had been proven to be a failure.

But they are still trying to do it, or a lot of people are pushing to have it done, and it's not going to work this time either.

Here's another video from Professor RD Wolff that puts the whole problem in perspective and it drives the point home that if you don't get a new engine for that old automobile, then the country is going to cash in on a shiny new car and all those nasty pigs won't be able to ride in the new car once it gets going. Frankly, I just want to see a new new vehicular system put in operation that works and that gives everyone a quality right, I don't care what brand it is, but Professor Wolff is absolutely right, the people are going to soon start demanding it in the streets. Here in Pennsylvania they're cutting off aid to the disabled, mentally ill and mentally challenged, the kind of kids you see at Special Olympics who are the most vulnerable citizens in our society. The young people for the most part already have been getting reamed and the next block up on the chopping block agenda of the Republican agenda is the old people. You can judge the quality of a society by how it treat its most vulnerable people and at some point there will be riots out in the streets if something isn't done. I don't want to see that but Professor Wolff's video hosted by RT.com, drives the point home clearly as it can be made. I don't think that crowd has sense enough to recognize what's staring them in the face, or else they think it's not going to change things but that would come about if it comes a Greek type catastrophe, fascism is staring us in the face and that is about as nasty a situation one can imagine for this country. But you know, Sinclair Lewis wrote that book about that kind of thing happening: It Can't Happen Here. Oh yes it can but I don't want to be around to see it.


Posted by: Buck on April 12, 2012 1:28 PM

The creatures in your picture, however, are perfectly honest swine. Unlike their metaphorical cousins

Posted by: Rez Dog on April 15, 2012 6:22 PM
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