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Politics : Moderate Forum

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To: Dale Baker who wrote (7767)	3/9/2004 4:58:32 AM
From: Dale Baker	Read Replies (2) of 20773

Last one: By no coincidence, the Daily Bankruptcy News reports that consumer debt now equals 110 percent of disposable income, in comparison with 85 percent of disposable income 10 years ago and 65 percent 20 years ago. The consumer is exposed to rising interest rates, says Daily Bankruptcy News, because 40 percent of consumer debt is priced at floating rates. Warren warns that when an unforeseen event such as serious illness, job loss or divorce occurs, middle-class American families have no discretionary income to fall back on and little or no savings. The Internet bubble of the late 1990s and the related swings in the value of the equity markets may have seemed gigantic at the time, but this important book suggests that the biggest bubble of all - namely, the market for U.S. homes - may be the next bubble set to deflate. The author particularly is critical of the credit-card issuers and other pro-viders of consumer credit, accusing them of raping America's middle class, first through usurious interest rates on credit products and later by using the courts to take away their homes and other property. ...

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