patrick.net

man, things are slowly shaping up for a realignment in how this place is run.

2014 will be more of the same, but 2016 and 2018 will see things starting to come to a head wrt redistribution, socialism, all that jazz.

the conservatives can't bullshit all the people all the time.

Incredibly, 56 percent of all Americans now have "subprime credit" at this point.

LOL -- subprime is the new prime baby

We are in far worse financial shape than we were back then

tell it to the corporations, LOL

http://research.stlouisfed.org/fred2/series/CP/

And "1%"

funny how they're doing OK, and conservatives are quite fine with that, no changes required there.

wrt the debt apocalypse this guy is selling:

And of course the U.S. government is the largest offender.

Nothing that can't be printed away.

Nominal incomes doubled in the 1970s. We need another one of those resets, that's all, and things will be back under control, more or less (other than renters will be utterly fucked in the new regime, compared to owners).

Bellingham Bill says

We need another one of those resets,

The Bernanke thought we did too , but game over ...Taper on Yellen TAPER!!!!! LOL

Bellingham Bill says

Incredibly, 56 percent of all Americans now have "subprime credit" at this point.

LOL -- subprime is the new prime baby

That's not a useful stat without knowing what the percentage was at other points.

In any case, being subprime or prime in terms of credit score is irrelevant, since if you properly underwrite a loan, you also evaluate capacity to pay and collateral. If you don't evaluate those two things, you get the big credit bubble that we saw due to alternative loan products. The media calls anything that's not prime "subprime," but it's really a term of art.