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<title>It is the economy, stupid forum - dslreports.com community</title>
<link>http://www.dslreports.com/forum/economy</link>
<description>It is the economy, stupid forum current topics</description>
<language>en</language>
<copyright>Copyright 2007, dslreports.com</copyright>
<pubDate>Sun, 29 Nov 2009 05:05:54 EDT</pubDate>
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<item>
<title>Thank you Mr. President, and thank you too Congress</title>
<link>http://www.dslreports.com/forum/remark,23391721</link>
<description><![CDATA[For many many years I have been doing wonderful business with my credit union. Over the past 10 or so years the interest rate I've paid if I carried any balance on my credit card was fixed. From time to time the credit union would change it, usually once every few years. Interest rates have been 7.9%, 8.5%, 8.9% up or down, changes were made very infrequently for many years. I never carry a balance, but it was nice to know there was a fixed rate to protect me.

The old balance was always fixed at the old rate. I had agreed to lock in any old balance at the rate at the time. It wasn't a feature I've ever had to use, but it provided me some comfort to think I had a fixed rate to fall back on in the event of something unexpected.

Today, I get a letter in the mail, from my credit union. I'm notified that they are forced to make changes in our credit agreement to comply with the new Credit Card Accountability, Responsibility and Disclosure Act (credit CARD Act?).

My rate which used to be fixed, is now going to be variable. It will be Prime Rate plus 5.25%. This means if the prime rate goes up, so does my previously fixed interest rate. Instead of being protected as I was with a fixed rate on my prior debt, it will all now be variable (if I don't pay it off every month).

I now have a rate floor (which is .25% below the rate I'm starting at) and a rate ceiling of 18%.

Yup, if I ever were to fall on a tough time and needed to use my credit card, I knew I was protected by my cards low fixed rate. Congress and our President have seen to it that all that has now changed. I'm now going to get a variable rate. All of which will change month by month, depending on the action of our government. Our government now has control of the interest rate charged by my credit union on my credit card.

This means I have less protection than before Congress protected me. 

I don't know if my credit union has ever charged 18%, it is possible. This is the first time I've seen anything like 18% mentioned in a document from them that I can recall.

I pay off the card every month, but felt it provided some security in the event I needed to borrow short term at a low fixed rate in the event of some sort of emergency.

I've read many horror stories of people having card rates increased to 30 and one to 40 percent. I guess this isn't as bad, but it changes the fundamental relationship between me and my credit union, a change for the worse.

Is there anyone responsible who is actually protected by this new law?
--
"People demand freedom of speech as a compensation for the freedom of thought which they seldom use."]]></description>
<guid isPermaLink="true">http://www.dslreports.com/forum/remark,23391721</guid>
<pubDate>2009-11-24 21:44:19</pubDate>
</item>

<item>
<title>Can we discuss stock picks and trading in here?</title>
<link>http://www.dslreports.com/forum/remark,22786434</link>
<description><![CDATA[Just asking....

I would like to discuss (with some traders) if they are playing any earnings runs, or other stuff.  I do short term trading quite a bit with a select few stocks and would like to share ideas......]]></description>
<guid isPermaLink="true">http://www.dslreports.com/forum/remark,22786434</guid>
<pubDate>2009-07-29 21:16:38</pubDate>
</item>

<item>
<title>Our economy may be going to pot, but we love to shop</title>
<link>http://www.dslreports.com/forum/remark,23407901</link>
<description><![CDATA[Unemployment may be over 10% and growing, our dollar may be falling, millions are reportedly delinquent on their home mortgage payment and millions more on credit card debt. Credit card rates have skyrocketed, many have had credit cards terminated by their bank, or available balances cut in half (or worse). It appears despite all this, we still love to shop.

From - http://www.coremetrics.com/solutions/benchmark-report-black-friday-cyber-monday-2009.php?cm_sp=holiday-benchmark-reports-_-website-_-homepage-tile

Ecommerce Activities Gain Strength on Black Friday 2009

The U.S. online retail sector delivered a strong comeback on Black Friday 2009 compared to the same period last year. This analysis, delivered as part of Coremetrics&#146; second annual Black Friday Benchmark Report, reveals the following trends and patterns as of 12:00 a.m. PST:

The average dollar value that consumers spent per online order rose 35.0 percent year over year, led by apparel retailers.

Consumers are buying more items per order than they did last year&#151;by 18.3 percent.

Consumers are spending considerably less time browsing retailers&#146; sites, suggesting they had done their research prior to Black Friday and that they are shopping from lists.
 
Browsing sessions were down by 5.4 percent

The number of people who left a site after viewing only one page (also known as a &#147;bounce&#148; rate) was up by 39.4 percent

Page views per session declined by 30.4 percent

Retail Categories:

Apparel retailers and jewelry retailers reported the biggest jumps in the average dollar amount consumers spent per online order, up 28.6 percent and nearly 25 percent respectively.

Department stores did a phenomenal job of attracting new consumers to their sites, reporting a 151.7 percent jump. However, the average dollar amount consumers spent per online order actually decreased by 7.2 percent, suggesting that shoppers may be sitting on the sidelines waiting for more discounts and special offers.

Sports gear and apparel retailers also reported a rise of 54.6 percent in the number of new consumers visiting their sites and a 61.3 percent jump in the number of sessions in which consumers completed an order. But the average dollar amount consumers spent per online order declined slightly by 3.1 percent.
--
"People demand freedom of speech as a compensation for the freedom of thought which they seldom use."]]></description>
<guid isPermaLink="true">http://www.dslreports.com/forum/remark,23407901</guid>
<pubDate>2009-11-28 21:07:11</pubDate>
</item>

<item>
<title>Dubai asks for 6mo debt moratorium</title>
<link>http://www.dslreports.com/forum/remark,23398770</link>
<description><![CDATA[Global stock markets tumbled Thursday on mounting anxiety over a debt default request by Dubai and tighter lending conditions in China, analysts said. 

 The government of Dubai shocked financial markets on Wednesday when it said it would ask creditors of its Dubai World conglomerate for a debt moratorium of at least six months.

The Dubai government announced that it would revamp the Dubai World group and wanted its lenders to extend its maturing debt until at least May 2010.

Dubai added that it had raised five billion dollars in a new bonds issue aimed at helping meet its debt obligations. 

http://www.breitbart.com/article.php?id=CNG.172a2f217acbdb6e4e9b446773ee0f1c.a1&show_article=1

I rememberer a few months ago someone here said I was a loonbat in saying Dubai was in serious financial straights.  The reality is they're following the same pattern as Iceland with multi-currency sharing arrangements on debt owed, and no sustainable input or output on goods. If you've got money there I'd get it out soonish.]]></description>
<guid isPermaLink="true">http://www.dslreports.com/forum/remark,23398770</guid>
<pubDate>2009-11-26 11:14:11</pubDate>
</item>

<item>
<title>Bernanke warns Congress not to interfere with Fed</title>
<link>http://www.dslreports.com/forum/remark,23406033</link>
<description><![CDATA[ said by CNN Money :Federal Reserve Chairman Ben Bernanke, just days ahead of his confirmation hearing, is warning Congress that actions limiting the central bank's independence could prove detrimental to the causes of financial reform and economic recovery.

In an op-ed piece to be published in Sunday's Washington Post, Bernanke criticizes two moves aimed at limiting the Fed -- a proposal in the Senate to strip the central bank of its bank regulatory powers and a House Financial Services Committee vote to audit monetary policy deliberations and actions.

"These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States," Bernanke wrote.



And what is the "appropriate role of central banks," Mr. Bernanke? To prolong the distortion of wealth that has plagued the nation for nearly 100 years?
--
"If you want to remain slaves of the bankers and pay for the costs of your own slavery, let them continue to create money and control the nation&#146;s credit." - Josiah Stamp]]></description>
<guid isPermaLink="true">http://www.dslreports.com/forum/remark,23406033</guid>
<pubDate>2009-11-28 10:55:30</pubDate>
</item>

<item>
<title>Toys R Us=Trouble in toyland</title>
<link>http://www.dslreports.com/forum/remark,23404765</link>
<description><![CDATA[http://video.foxnews.com/12000436/trouble-in-toyland

lol I like how he avoids answering the reporters questions. Guess the CEO wanted to be on national news so they get more customers? 

I guess WalMart is really taking a punch at them. 

We use to have a Toys R Us here..but they closed up shop lol, and that was before we had a super WalMart.
--
I am hotter than phone sex with a blind girl.]]></description>
<guid isPermaLink="true">http://www.dslreports.com/forum/remark,23404765</guid>
<pubDate>2009-11-27 22:36:11</pubDate>
</item>

<item>
<title>wages and globalization</title>
<link>http://www.dslreports.com/forum/remark,23368051</link>
<description><![CDATA[Why is 1 hour of unskilled labor different around the world in the new global economy? Wouldn't trade guarentee that all commodities (such as unskilled labor) are equal in price?

Yes, this question is naive.]]></description>
<guid isPermaLink="true">http://www.dslreports.com/forum/remark,23368051</guid>
<pubDate>2009-11-19 22:25:16</pubDate>
</item>

<item>
<title>credit card closed, how will it affect my credit?</title>
<link>http://www.dslreports.com/forum/remark,23396639</link>
<description><![CDATA[got this letter today telling me emerge mastercard has closed. called them but all i got was silence.

so, how will this affect my credit? i paid this account off months ago so there is no balance. but i assume having a card close is seen as negative on a credit report.]]></description>
<guid isPermaLink="true">http://www.dslreports.com/forum/remark,23396639</guid>
<pubDate>2009-11-25 20:13:54</pubDate>
</item>

<item>
<title>Ten States Face Financial Peril</title>
<link>http://www.dslreports.com/forum/remark,23326009</link>
<description><![CDATA[By Tami Luhby, CNNMoney.com senior writer

November 11, 2009: 1:00 PM ET

NEW YORK (CNNMoney.com) -- The same economic pressures that pushed California to the brink of insolvency are wreaking havoc on other states, a new report has found. 

And how state officials deal with their fiscal problems could reverberate across the United States, according to the Pew Center on the States' analysis released Wednesday.

The 10 most troubled states are: Arizona, California, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin.

.....

Pew, a left-leaning advocacy group, says the states need additional federal fiscal relief to avoid budget cuts that will hurt both the economy and people. State and local spending accounts for about one-eighth of the GDP.

States received billions of dollars in funding from the Obama administration's $787 billion stimulus package, including $87 billion for Medicaid and $48.3 billion for maintaining education and other key services.

Budget projections show that states could face deficits as large as $260 billion in 2011 and 2012 after stimulus funding is exhausted. State economies usually take up to two years longer to recover after the nation's fiscal health begins to improve.

New budget cuts and tax increases "will be a serious drag on the economy at just the wrong time," said Mark Zandi, chief economist at Moody's Economy.com.

http://money.cnn.com/2009/11/11/news/economy/states_economies/

Full report from the Pew Center:

http://www.pewcenteronthestates.org/initiatives_detail.aspx?initiativeID=55888
--
The man who speaks to you of sacrifice is speaking of slaves and masters, and intends to be the master. 
]]></description>
<guid isPermaLink="true">http://www.dslreports.com/forum/remark,23326009</guid>
<pubDate>2009-11-11 13:49:52</pubDate>
</item>

<item>
<title>Do you think credit cards should replace USD?</title>
<link>http://www.dslreports.com/forum/remark,23367953</link>
<description><![CDATA[Imagine our country runs its own credit card company with a small APR charge. Basically, people that pay their bills late the APR is basically a tax that goes into our country. Also with this card you can open up bank accounts at national banks. Of course whatever is owed will have to be paid off to this one national credit card. If you have a negative balance you will not be able to establish a new account.]]></description>
<guid isPermaLink="true">http://www.dslreports.com/forum/remark,23367953</guid>
<pubDate>2009-11-19 22:08:16</pubDate>
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