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Hi! I’m Bankrupt and Foreclosed – Loan Me Enough to Buy A New House, Okay?

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Vodkapundit » It’s the Bernanke Quagmire

In a disdainfully snarky little report, Adam Davidson explains what’s going wrong with everything everywhere, more or less:

Though it doesn’t always seem true, times actually have changed. During the worst of the recession, people were just plain broke. Their debts were at historic highs, and their savings were at record lows. That’s no longer the case. American households have reduced much of that debt and built up some savings. They’re just not spending it yet. So whereas the Federal Reserve was once tasked with performing life support on the financial sector, it’s new challenge is more subtle but nearly as complicated. It needs to convince consumers that they can trust the economy again, that now really is the time to jump back into the stock market or buy that bigger house.

I didn’t quote any of Davidson’s little digs at us poor untermenschen for being all “twitchy” and suffering “agita” and unable to just get “over the terror.” Because it’s obvious that he’s just a dick. He’s also a lousy reporter, because he’s only gives you half the story.

Davidson’s a moron. The stock market is not a creator of a good economy, but a reflection of it. It is a marker, not a generator.

The housing market is the true backbone of the American economy. Sure, household debt is down – but how has that been accomplished? This way:

Vital Signs Chart: Households Deleveraging – Real Time Economics – WSJ

Americans are carrying lighter debt burdens. Debt held by households and nonprofits — including money owed on mortgages, student loans, auto loans and credit cards — was equivalent to 113.2% of after-tax income as of June, the lowest level since 2003. After peaking at 134.4% in summer 2007, household debt has fallen as consumers make payments and wipe out debt through foreclosure and bankruptcy.

Get that? They aren’t paying down debt, they’re filing for bankruptcy and evaporating their mortgages through bankruptcy.

So, Davidson, you nitwit, let’s say you’ve either declared bankruptcy, had your home foreclosed, or both, in the past five years. Go to one of those “750 credit rating, 20%” down” banksters and try to borrow enough to buy a new home.

Do me a favor and shut your freaking pie-hole until you get that loan, would you?



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