DO NOT WORRY! everything is fine!

in steemsilvergold •  6 years ago 

That's what they keep telling us, "Everything Is Fine"! When in all reality, shit is bad. I was reading an article last night before bed and once again it was proof that things aren't even as close to being as good as they say when ot comes to the economy.

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There are a couple of numbers I wont you to remember before I tell you whats going on. First is 7 million and the second is 1.4 trillion.

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You see it all started back in the 2008-2010 period, the economy was in the toilet and big government was starting to bail major companies out. Auto Makers where some of the main ones that received a large bail out (except Ford, so always drive a Ford). Now some will say this was the right thing to do, and some would argue that we where just putting off the inevitable. Well the inevitable has resurfaced and it has grown.

So where are we today, nearly 10 years later? Well we are right back in the same situation but only much worse than before. According to reports from the Federal Reserve, some 7 million Americans are more than 90 days late on their auto loan and are facing Repossession. Just think about that number,,, 7,000,000, people are more than 90 days late on their Auto Loan!!! Thats one in every 46 americans. (WTF) Now here is where it get really bad. That 7 million Americans have accumulated more than 1.4 trillion dollars in Auto Debt. Here let me put some zeros to that figure its 1,400,000,000,000.00. That my friends is crazy!!!

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Now you have to understand that if this is happening in the Automotive world then it has to be happening in the Home Mortgage world. Now maybe not to that magnitude but it is happening none the less.

Now lets look just a little deeper and try and get a real number on this Auto thing. So there are 325 million Amercans. Of that 325 mil only 88% own or drive a Automobile. Now of that 88% of Americans that own a Auto 24% of them are more than 90 days late on the Auto loan. That means that every American knows at least one person that is facing repossession.

I really hate to be the bearer of Bad News But

Things Aren't Good, Not even Close.

So stop believing everything you see on Television and start doing some of your own research. This is not hidden information, infact it is right on the surface for everyone to see, Aint nobody looking.

If you are not protecting your wealth and you are accumulating debt, you are facing some potential HARD TIMES in the Future.

BUY GOLD AND SILVER!!!

Thanks for stopping by and sharing the Bad news with me.

Keep stacking!!

@raybrockman

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steemsilvergold steemit economicbadnews automobile fakenews
6 years ago by

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      ·  6 years ago 

    Americans sure are stupid. Should have let the auto industry crash.. so glad everything I own is paid for 100%

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      ·  6 years ago 

    This post is supported by $12.16 @tipU upvote funded by @silver-hammer :)
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        ·  6 years ago 

      Thanks for advice

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          ·  6 years ago 

        Didn't see this in today's news, wait a minute I don't have cable. My car won't be repossessed, uh... I don't own a car. No wonder my home mortgage is payments are more than three years ahead with no consumer debt. There you go, two reasons how I stayed out of debt.

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            ·  6 years ago 

          That is a totally insane stat. Holy shit

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              ·  6 years ago 

            It is always good to also do your own research and not just only believe what is been said on the television

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              [-]
                ·  6 years ago 

              It's bad but not quite as bad as you say, at least in terms of the percentages. The article I read which also quoted 7 million as being 90 days behind said it amounted to 9.7% of subprime loans from auto loan companies, and 4 % of bank and credit union subprime loans. I'm sure there are some in the non-subprime arena too but I would suspect they are far fewer. Those subprime loans have an average interest rate of %15-%20. I'm surprised that people with poor enough credit to have to get such a high interest loan can ever pay back such a loan.

              It's definitely a concern though as this number has been rising for the past 7 or 8 years.

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                [-]
                  ·  6 years ago 

                This is really sad Ray. The way these big lending companies fleece hard working middle to lower class folks is reprehensible.
                Did you see a movie called The Big Short, if not, I highly recommend it. It is about the US mortgage housing crisis of the mid 2000's. Here is a little info on it.

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                    ·  6 years ago 

                  Everyone cares about what the payment is, not what it will cost them.... soon there will be 10 year loans on cars.

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                    [-]
                      ·  6 years ago 

                    But boy o boy does this thing have a long fuse...

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