Labor Day Musings 09-07

[kwickstarzux]

Does anyone know why this guy calls himself the ticker guy? I bet you we can call any store in Niceville FL and they will know about d-day denninger. This guy is in a city of 11,000 people talking like he understands how the big cities work. LOL!

[herbs814]

Denninger was smart to flee the big cities. Big cities will be the focus of the chaos and the tyrannical controls the governments impose to corral and quarantine the chaos.

[kwickstarzux]

Listen to this guy make assumptions without backing them up! Why would a charge-off rate of 1% on an asset base create a problem Denninger?? If the asset base is $100 and 1% goes bad...you would only need to collect slightly over 1% interest on the remaining asset base to cover a 100% loss on that $1 asset! And if the market buys $1 for 50c?? Denninger please come back to answer this question so we can move on to ask more questions about your analysis.

[herbs814]

historically default rates could never remain above 1% for long. such high default rates necessitated a crisis (recession with higher interest rates) to correct the malinvestment. interest earnings on debt can only make up for a nominal loss. they cannot make up for higher cost of living domestically, nor weaker purchasing power relative foreign currencies.

[shadetree6981]

I like your comment on a million people showing up in DC and shutting it down! I pray it happens!

[esgatch]

Rumors and speculation are running wild.

I heard this morning that wealthy world powers are fueding with each other.

The individuals responsible for the collapse of the trade towers will be exposed and prosecuted.

The world bank will respond by writing-off all north american national debts and begin crediting massive amounts of new currency to the citizenry of the united states, canada, south and central america.

It will flood the markets, have a reverse-effect, and crash the stock exchange.

[iloveterriers]

Where did you hear this because I'd like to read about this.  It sounds too good to be true, but it would be a good thing I guess.

[esgatch]

I tried to respond, but your friend block is turned on...

[iloveterriers]

I know a lot of people think LaRouche is a cultist, but he recently said something about October being a very bad month. He mentioned that it's a bankruptcy deadline; and from what I've understood, there are various other factors at play in addition to the deadline. He predicted that everything will really begin to fall apart this October.

[iloveterriers]

Mr. Denninger, your channel is intelligent; you seem intelligent. That's why I wonder why so many of the comments here are devoid of such. All I see is fear--mongering.

I'm sick of Americans afraid of "martial law" and vaccines. Come on! Stop being so whiny.

I am a woman and cannot believe the stuff I am reading here by you guys. Are you just going to GIVE UP?

[llandshark]

Nice... numbers don't lie!

[esgatch]

Our government doesn't care to wake up, and if a million people march on washington, they'll declare martial law, line everybody up and give them flu vaccinations.

Congress is already preparing for collapse and martial law. They met in a closed-door session in March 2008 with a media black-out.

Peaceful demonstrations are worthless because Congress is blatantly arrogant.

This natiom started with physical, violent revolution, and it will end that way.

Wake up, America!

[herbs814]

"I... am now quite certain that the crimes of this guilty land will never be purged away but with blood." (John Brown)

[iloveterriers]

How can they declare martial law when the FBI cannot even control the gang situation in Los Angeles? Come on, we don't need this "victim" mentality.

[esgatch]

I'm not a victim. My concern is not a defeatist mentality. I also heard that this October may be catastophic, but I've heard those predictions before.

The entire United States Congress convened a CLOSED-DOOR session in March of 2008. Only three members refused to betray their oath and attend that meeting (Paul, Barr, and Kucinich).

I want to know what OUR Congress is planning. The FBI has nothing to do with that.

(my capital letters are for emphasis, I am not screaming. :) )

[iloveterriers]

I understand. I just want Americans to stop being afraid of martial law and realise they have more power than they think they do.

[esgatch]

The state governers have their authority at the will of the people. If the governors fail to exercise that authority the people will do it themsleves. Martial law is not a device of the people, but a ruse against the people's life, liberty and property. It's use is not justified except in times of war, and even then it only comes at the will and vote of the people. That's the Constitutional mandate. But, the fedgov has forsaken our Constitution.

[herbs814]

Obamacare supporter Harry Reid (D-NV) rejects the Senate bill, saying that it would burden his home state with increased Medicaid spending. If even democrats admit that increasing government mandates on healthcare spending will jeopardize government budgets, how do they expect us to believe that it would not imperil the fedgov budget, which is already in debt over $11trillion?

[esgatch]

Harry Reid may also want to keep his job, maybe not, but I wonder if the fedgov is ever concerned about money matters when they can tax it, print it, and spend it at their own will.

The citizen lives in a real world, the Congress lives in a dream world.

Wake up, America!

[herbs814]

as China, Japan, and other creditors refuse to buy our debt (and even the Fed has not bought enough T-debt to keep the excess supply down), interest rates will crush debtors, and taxes will be a tempting quick "fix" under budget rules. get out of debt, reduce expenses, and fight tax increases.

[esgatch]

The fedgov and the fedresv are such a joke... they're playing a big game of monopoly, they write their own rules, and the people are their token game pieces.

They've played all their cards and everyone's wise to them, so now they get an ethnic president and play the race card for as long as that'll last.

When that card runs out, they'll get out their false-flag cards again.

Wake up already, America!

[Rentaghost76]

Game over folks. Just pray you've got enough gold, water and food to provide for you and yours. This is gonna get ugly...

[Nuedad]

I wish people would stop compairing this to the Great depression. Its going to be/ is more like the South Seas/ Mississippi Skeam bubble.

Its credit based.

Whats a few Trillion of "printed money" when you have 50-100 times as much credit deflating on top of it. The monitary inflation cant keep up with the credit deflation. Deflations are rare but this is a rare time. The current economic stiuation is ripe for a credit deflation of historic proportions.

[carmenlee87]

I like this guy, a real honest american!

[oc5nsli341nforce4]

Any one ever hear about the crash of 1345 the precursor to that of 1929 and what we are soon to be going through in the years to come.

[kdenninger]

There's another one coming, this one worse.....

[Basharwax]

Thank you

[cv1122]

excellent reporting and absolutely right on target - charge offs a a huge prob for them - I am curious to know the numbers on bankruptcy filings over the last few mos...im sure its skyrocketing

[mlndstream]

great video, thanks for posting

[EdvardBresal]

Close down the Federal government.

Close down the Fed.

Replace them all with 12 wise men and a laptop computer.

You will get a better result, and save a lot of money at the same time.

[tuktukktotam]

dollar will go to Index 70 more Chinese factories lose money on exchange rate and will be forced to close I dare China not to borrow us money :) They do not have guts to do that .

[tuktukktotam]

Chinese will never refuse to buy some of our debt They want us to buy their crap that we do not need and can produce ourselves if worse comes to worst

[madphat7]

thunderdome

[1fourall]

Option 2, collapse of society. This is the best way to go.

It's time for a new world.

[fawjaw]

Words out that they are going to bomb the East and West Coasts between 9-11-09 and 10-15-09. Even the military know that something is up. This is their solution.

We have an evil government.

[arixona]

Where does one hear such things?

[fawjaw]

Its all over YouTube - you just need to take time and find it.

By the way, I wrote a book that will never be published - I do not want to be shot. I did alot of digging through history - spent 2 years on the book. full time. What I found was shocking to say the least. Nothing surprises me anymore. For awhile I could not find the answer why they picked this point in time to do all of this and then I found my answer - it was there and I just had to make the connection.

[613kc]

7 "good years", 2002-2008. How for the 7 bad years "Pharaoh" will own everything

[Inanimate100]

Ok maybe im thick, but i understood none of this!

Although i do know NOTHING about economics!

[PatriotReport]

Translation: Revolution or Bust.

[redmolotail]

Exactly - make sure to stock up on beans, bullets, and bandaids!!

We're so freaking dooOOoomed!

[PatriotReport]

I thought it was Gold, Guns, and God? ;)

[DolphinFilms]

But your listening and that's a great start.

Subscribe to the schiffreport, check out mises. org and read "Economics in One Lesson" by Henry Hazlitt. Before you know it you will have a better understanding than most of the so called experts on TV.

[justjacqueline2004]

Veritas,yet our governments on both sides of the pond still stand.Shopping and herd mentality are as bad as ever.When does this stop?

[MrsThankful]

Karl,

Truth is truth. I feel you are telling us how it really is. I feel like you are calling us to action. I support your peacefull disobedience. I can see that if action is not taken soon it will be to late.

[freedomfighterone]

Shuting down Washington DC sounds like the right move. Downing nothing is suicide.

[leongent]

Like the entire economy, DC is fragile. It is simple to shut it down. A few disabled vehicles on the Beltway, and the federal government workers cannot get to their jobs. It cannot be difficult to swamp the road clearing infrastructure - it is not organized to handle co-ordinated deliberate acts that stop traffic. This would be the best thing to do with your clunker - take it out on the beltway without enough gas, and show the fools on the Hill who is boss.

[leongent]

Orderly traffic requires mass co-operation. Disobedience in traffic is highly symbolic, very effective at shutting down urban centers, and demonstrates who really has the power. It's non-violent. Making traffic not work smoothly anymore is a clear message that the economy requires our orderly co-operation, which we now withhold. The unemployed with strategically located stalled/out of gas cars will throw a huge spanner into the works. Shut it down.

[bertly71]

Thank you for your vids. I have learned more from you on economics than I did in years of college.

[vangalex]

There goes Karl again, cause a ruckus with his truth telling. Karl --- you need to work on your titles, so non-subscribers can find your videos.

[mlong5151]

i think giving what i see and what most folks i know are doing including my self, it will be armed conflict i hope it dosent happen. but i see what folks are doing the ones who know whats going on are prepareing for it as best they can

[Rockerchic4God]

I'm starting a Debtor's Revolt Revolution - look for my announcement video soon!

[housechores]

It's not our choice, and they choose collapse obviously.

[jackdmenendez]

Karl,

We are noticing that in our town the banks are pricing properties that they hold at unrealistic amounts; up to 70% more than short sales which got no bids. Is this part of hiding assets. It seems like any bank owned sale is not going to get any takers.

[MegaUSpatriot]

Google: John Hoefle On the Triple Curve

[ghosty426]

This economic collapse was engineered. It took many years and the policies of Bush, Clinton, Bush and now Obama. All accidently on purpose.

[mcgrawtim123]

4:20 "We need to take 20-30% out of both the mortgage credit system in terms of debt outstanding, and consumer credit in order to bring us back into balance with 2004 asset and income levels."

How is this done? Liquidation of bad banks?

[kdenninger]

Yep. Mark it all to the market and if you fail, you fail. Close it down and sell of the assets for whatever they're worth. That bankrupts the consumers but it also bankrupts the institutions and clears the debt from the system.

[Rustyshackleford08]

Don't let morons bother you with their insults. You are making them uncomfortable..thinking about things they do not like hearing.

[sublimetrance]

"No the math is never wrong, neither are the physics, but the people who make these decisions dont do math and dont like physics either."

LOL how true.

I actually went to college as a mathematics and physics major. My professors would often joke that the students that flunked always ended up being business and economics majors.

I think that is a large part of our problem.

The people that COULD NOT UNDERSTAND mathematics ended up running the financial system of this country into the ground.

[jcattera]

I watched "beaker" Dennis Kneale and I was surprized at a guy in his position that he never even addressed your economic issues on a intellectual level. All he did was heckle and make fun of them like a elementary school kid. I hope people are smart enough to read that.

[sublimetrance]

My impression is that far too many people are NOT smart enough to see that.

In 2007 we moved out of Texas and moved to the Pacific Northwest because we seen this economic collapse coming.

We warned all our friends and family this was coming and they literally thought we were insane.

We now live in Washington State in a small mountain community. We grow a lot our own food and the climate is so mild we don't even need electricity for heating and cooling.

[sublimetrance]

Lows in winter are in the 30s and highs in summer rarely get above 80.

Our overhead is VERY low. We paid over 60% down on our property and our mortgage is for 6 years at $260 a month.

Our old friends and family STILL think we are crazy and they STILL think the economy is turning around!

Too many people are NOT going to wake up until it is too late.

My only concern is the government will turn outright dictatorial if and when the economy totally collapses.

[sublimetrance]

I had friends that literally lost millions in stocks. They refused to get out and sold at the bottom.

My friends at work in the engineering field bought high dollar houses. We initially bought cheap land WITH CASH!

My wife's parents work in the government sector and when my wife told them our friends in the construction industry could not even find work, they simply would not believe her

Now my wife's parents have lost most of their stock portfolio and retirement benefits.

[sublimetrance]

So because my wife and I seen this economic downturn coming and we drastically reduced our debt and overhead, we were viewed as crazies by friends and family... Even AFTER this undeniable downturn, we are still pariahs!

The general public has lost all common sense.

I really think nothing is going to change until there is a full on economic collapse and the people suffer immensely.

Even then I wonder if it that will even wake people up.

[whong819]

Sublime: you want to hear more insanity. sheeple here in asia believe China would bring the world out of recession and boost the world economy again. YTD, chinese stocks up 80% and Hong Kong HSI up 100% since october low. however, in my inner circles, majority of the people are taking pay cuts, facing lay off and some couldnt find works. Lies, deceptions and denials are everywhere. they all love govt bailouts.

[AlcoholLevel]

Can't we just have another asset bubble instead? It was really a lot of fun during the housing boom.. peoples spirits were high and life was good. Let's bring back the good times.

[Robert697]

lol AlcoholLevel .. Looks like you need to connect a breathalizer to your computer.

The housing boom was all about gambling fools drunk on excess. I live in an 850sqft appt alone, and I have a friend who lives in a 2750sqft house alone. I still have no idea what I would do w/so much space other than rent it out, and it's a renter's market right now. I think the next bubble will be guns, ammo, and precious metals.

[jcattera]

Everyone I know is out of work here in Michigan - Everyone! They where making over $80,000/yr. as a salary and now they are all hanging on a string and living on Credit Cards. This bubble will burst soon we they begin defaulting! So, the Kool Aid drinkers on CNBC need a BIG reality check. If they hurt and mislead more people with lies about a recovery, they will be sued for misleading info. They are no different than shady used car salesmen luring new people to buy into the stock market.

[soulharvest2012]

I don't understand why they haven't already been sued or why the FCC doesn't strip them of their broadcasting license, for, as you say, disseminating false and misleading information.

[gmfutube]

FOX was sued years ago by reports who worked for them. Court ruled they have no obligation to bring news to you or report on anything.

It is all considered entertainment with no liability.

[kdenninger]

You folks in MI need to load up the cars and trucks and stage a monster sit-in in DC.

Its the only way this is going to stop.

[1mealperday]

first of,, THANK YOU for your integraty and the courage to speak out as you do. Seems it will fall from within and we will have to pick up the pieces. What we will sorely need is leadership and guidance towards the formulation of new ways to live!

None of us truly need anything but food and shelter. All else is luxury in my eyes.

[boots920]

LaRouche says mid Oct. or sooner ya see what happens foreign governments can't support the debt obligations anymore or they go down the shitter too.

The only way out is bankruptcy reorganization looks like its not going to happen.

[wepollock]

We need to purge the corruption starting with the senate and then work our way down to every village and town.

By no means are you a pessimistic donkey (Eeyore).... Your buddy did win a pulitzer prize btw, for an article he wrote about Aids.. Too bad he forgot how to do reporting...

[8cat18]

you make Dennis Menace Kneale look like a retard....,,,,, keep reporting the truth and keep up the good work!

[debtruth1]

just hope that cap and trade doesn't pass....that's another deadly bubble waiting to happen.....

[Curtis2658]

here's how the math is wrong. I'll give you an example. When I was a kid I bet another kid $20 my team would beat his. When my team won he mathematically owed me $20. Instead of giving me $20 he kicked my ass. In other words, China is either going to continue sucking it or we're going to war.

However, that would be awesome if the Math Police showed up every time somebody got ripped off.

[evoltac]

Yep. They r going to bring evertything up till spring 2010 and than...........DOWN....to the bottom....folks, do not take credicts!!!!

[Curtis2658]

The British Empire is destroying us on purpose. Someone needs to bring that to the public's attention.

[evoltac]

I dont know if you need finally to know that you r twisted by wall street and bilderberg group...:??! Thats clear in Slovenia, not in USA??!!!

[cpswyl2]

Dont you think they know this Karl? Why would they want to perpetuate the illusion a little longer do you think?

Nassim mentions conversion of mortgage debt into equity, ie, banks taking ownership stakes in homes. Workable?

Thanks for the great info.

[bnfox]

Makes you wonder how a guy this on the ball is on Youtube and the mainstream media is loaded with ex-entertainers, actress/models, and drug addicts who are looked upon by the sheeple as the "experts" to turn to. Of course, we DO know why that is...

[pieater53]

Thanks for another great video, Karl. Keep up the great work.

[tyronebiggums3]

Damn!! You've nailed it again, Karl. Time for more gold and silver.  (and guns, ammo, food, etc)

[PauliesCustoms]

Cassandra!, lol, Karl, I couldnt agree more

[endlessmountain]

Damn right the math is never wrong, speaking from someone who tries to find truth and reason at a mathematical level.

Mathematically this system was designed for massive debt with the monopolization and policies of the federal reserve.

END THE FED, Time is now for change.

REVOLUTION OF 2010 !!!

[somefellow12345]

Great work, Karl. Any follow up from Kneale on his show? I can't stomach CNBC so I wouldn't know.

[catvation]

BTW with regards to China not honoring derivatives contracts, doesn't that give the US counter-parties some ability to sue China and get some of those $2 trillion in treasury bonds they hold? If they did that couldn't the US get transfer the debt to US holders. Granted it'd go to GS yet again, but then the US government could do a "derivative profit tax" and collect it back.

Also, gold seems to have broken the wedge to the upside... Dollar could already be down for the count.

[psbyowner]

I'm for storming D.C and shutting that POS down.

[pricetrax]

Excellent topic, thanks

[josda1000]

hey karl, do you believe that an audit of the fed, like HR1207, would do any good? i believe that it might, just wanted your take.

[JohnWMArxak47]

He endorsed it in a recent video.

[kdenninger]

1207 could set off a s^^$storm that takes The Fed down. It will be interesting to see whether it makes it out of committee and is voted up.

[gmfutube]

Now there is a bill that people should be screaming about at these town halls.

Instead they are battling over a health care bill that fucks everyone - except those who are selling "health-care".

People seem to miss that health care costs are going to take a back seat to eating if something doesn't change & fast.

[iloveterriers]

The healthcare debacle is a diversion from the real economic issues.

[herbs814]

The healthcare debate is a proxy for the real economic issues. The real economic issues are that the government is too intrusive and disruptive to the productive economy. The idiotic insistence on government being involved in healthcare is a perfect representation of what is wrong in the greater economy: too much parasitic government.

[iloveterriers]

Actually I'm very convinced that the government knows that most people will just "fight amongst themselves" i.e. Republicans/Democrats, etc. due to this healthcare debacle. The healthcare would cost so much, that the government doesn't even have the funds for it.  It's all a distraction.

[herbs814]

Government doesn't care about not being able to afford any of its nonsense. Government continues to steal from its citizens and investors by raising taxes, borrowing, and inflating the currency. Government apologists are pushing healthcare to increase their tyrannical control over the citizens and the growth of the government bureaucrat sector. It is about CONTROL, not about healthcare, not about budgets.

[esgatch]

If only 50 million american citizens would realize that, they could force the fedgov to put up or shut up... they either yeild to the will of the people or they crash this nation and lose all their control.

That's why the fedgov manipulates by false-flag events, media, and politics.

Double-talking partisan cowards always want it both ways, but they betrayed themselves last year when they held a closed-door session of Congress.

Wake up, America!

[LisaJ4Liberty]

Nice vlog. But how can we straighten out this country with the crew we have in D.C. who are all (with the exception of perhaps two) owned by Wall St and the big corps? The system is so profoundly corrupted, what will a protest or a few changes do even if we were to get them? Seems to me this multi-ton train is going at a high rate of speed right off a cliff, and crashing is unavoidable. I mean, isn't that what the numbers are really saying?

[DavidAKZ]

Maybe like the French Revolution some heads need to be chopped off. That would send a 'message' to the market

[LisaJ4Liberty]

Yes, and consider that King Louie and his wife Marie weren't even as bad as the folks who're presently looting our country.

[DavidAKZ]

let them eat cake.

[iloveterriers]

Thank you for this comment. You seem to be the only person so far (from what I've read as I read the comments here) who understand what needs to be done.

[glassman1313]

They have used the Dollar and the fed for as long as possible. It is now time for the New World Order Currency, fasten your seatbelts, looks to be a bumpy ride ahead and they will have the idiots cheering it on. Oh by the way how does a 2nd year mba major Not know what charge off means, we are doomed.

[gmfutube]

Glad to see someone else caught that.

Not only doesn't know, but is too lazy to look it up.

One of my kids has an accounting degree c.2004 and didn't know what M3 was. She was taught that Mark to Market was "too old-fashioned" & conservative"

When I asked about what money & banking classes she had...none.

After 1 Money & Banking class c. 1979 I knew that this was a house of cards waiting for a wind & I would never see SS.

[RealPolyester]

Hey gmfutube.

I had a similar situation with someone that I worked with. This person, an economics major from a fancy Ivy League school, tried to convince me that the M3 statistic was an unimportant measure.  I was stunned. Then again, this person also thought that the Federal Reserve was created IN RESPONSE to the Great Depression. He left me (a geneticist, i.e. a nonbusiness person) feeling that schools are failing to teach their students critical thinking.

--Best

P.S. Great work Karl

[gmfutube]

I've heard the M3 is unimportant BS too.

I don't think schools are failing to teach critical thinking - I believe they deliberately discourage it.

My youngest is in a trade program at the local community college & the head of the dept is teaching them:

most people are not worth what they get paid

just because you work 40 hrs doesn't mean you should make a decent living

[kalium456]

@Denninger: would be great if you would make some work on transmission effects. I think they are all in place now -- those of the Great Depression (maybe not as bad due to inteventions) and those of the mortgage markets and consumer pockets.

[kalium456]

Beyond all of that: the US has a very high gini coefficient. The great depression was largely because 31% of income was going to 5% of households. These held the productive capacity and at the same time speculated in the markets. It is THAT feature which caused the transmission of the stock market crash to the economy (according to Galbraith). Recessions weren't as bad because of egality. The gini coefficient is again very high in the US.

[DavidAKZ]

the what coefficient ?

[Airave]

Rock on.

[kalium456]

It is not only mortgages. It is also stock market and general investment losses which create a spiraling effect: those non-mortgage losses are possibly also tightly connected to productive capacity via balance sheets (transmission effect), giving an effect like in the Great Depression on the generel economy beyond consumer spending. Forthermore, outsourcing increased 32,5% in H1 2009 in China....

[aw3212]

Great Info!

I believe we have weeks at most before it all comes crashing down, again. I just don't think we have the stomach for round two of bailouts. WHen the gov realizes we won't take it anymore and their tax base dramatically drops off(both state and federal) and China says no for good...then what? God help us that's what.

[ardizd]

the Chinese and Japanese are already doing it bro, why do you think gold's gone nuts? that's it.

UN says dollar needs to be replaced (bloomberg today).

KABOOM!

[leninstreet]

Save yourself. Your fellow citizens are out there protesting to give corporations even more power. They somehow believe that all of this is the fault of socialism and poor people.

[rexoid]

I do not know how you could see it that way. But..oh..yes the name is a clue. Ok..your comments seem to be limited to your preferences in just health care. It is not the fault of poor people, some responsibility on the ledger of those that fostered irresponsible legislation IN THE NAME of poor people, passing bennies back to corprations and congressmen. Lenin, however, just killed them.

[leninstreet]

My name is a reference to a street and not a person. It says nothing about my political views. These people you speak of fostered legislation that was paid for and lobbied by corporations in their own interests. The interests of the people played no role in this and plays no role in it now. I just find it amusing when people are out there protesting against healthcare(for themselves) and against socialism(which they know nothing about).

[rexoid]

I think there is not much contradiction in the way you said it and I did. I said IN THE NAME of the people. They (and I) find it amusing that you think that a majority of the country does not know what Socialism is. I & wife have health care, this package would be a boondoggle to many interests, help no one, while she and I lose, & giving STATIST control (use the -ism that pleases) to way too much. A disaster every where in the world it has been tried. Why debate HC on Karl's vid?

[Blackjack555]

Thanks Karl!

[tbgx1]

This guy is cool.

[wawbwc]

This is intentional economic suicide by our Great Leaders. Thanks for spelling it out for the world to see.

[spudboyspud]

Have a good day!! lol, after I crap my pants

[franketkenzo]

Hello Karl, I don't understand your Y-ax on the "Per capita Income..." chart. Where is 100%? It can't start with 0%. Can you clarify, please? Frank

[kdenninger]

Relative change since 1970 Frank; all of the traces on those graphs are relative the origin.

This eliminates inflation as an issue since incomes rise with inflation as well; you're looking at the relative rate of change.

[mrzack888]

what the hell is charge off? not every one watching this video is a business major. English please. and I'm a 2nd year MBA student.

[kdenninger]

Chargeoff = Bank takes total loss (e.g. you don't pay your credit card, eventually the bank says "screw it!" and counts it as a zero)

[Repomex01]

A lot of that going on. I am a buy here pay here car dealer and I am saying "screw it" too!

[gmfutube]

I don't understand how a 2nd year student in any business major isn't being taught this.

One of my kids has an accounting degree and never had a class in money & banking.

If this is the case at the university level, what hope is there that J6P will pay attention/understand.

btw - in the time it took you to comment you could have googled an answer. Another issue with people

[fal2grace]

Thank you Karl.

[skybirdbird]

TKX for the update.....

[SlyToocan]

Karl

Many thanks for your posts, I am sure I speak for many thousands in saying, please keep posting and keeping the masses updated.

[dabruin2]

I wonder if the powers that be will ever listen, or maybe they just want it all to fall apart.

[SaveOurSovereignty3]

hear hear

[Eraser7622]

awesome. Happy Labor Day!