Friday, January 4, 2008

Late Payments Soar

AP) Late payments on a cluster of consumer loans, including those for autos, home improvement and certain home equity loans, climbed in the summer to their highest point since the country's last recession in 2001.

The American Bankers Association reported Thursday that the delinquency rate on a composite of consumer loans increased to 2.44 percent in the July-to-September quarter. That was up sharply from 2.27 percent in the previous quarter and was the highest late-payment rate since the second quarter of 2001, when the economy was suffering through a recession.
And how does the moron residing in the White House view this disturbing development? Guess.

WASHINGTON (Thomson Financial) - After meeting with his top economic advisers hours after the US economy posted its weakest employment report in four years, President George Bush said both the US economy and the financial markets are still strong.
Yeah, sure, George. And Britney Spears is the most stable parent on earth. Sure. Ah, ha.

Wake up, sheeple.

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