Posts Tagged ‘Credit Debt’

Coast To Coast AM – 23.9.2011 – 1/4 – America’s Debt Crisis & Open Lines

MP3 www.4shared.com Guests: Open Lines, Dr. Robert Manning America’s Debt Crisis: During the first 90 minutes of the program, guest host John B. Wells ( email) was joined by Dr. Robert Manning for a discussion on the debt crisis in America. Manning maintained that the shift from cash purchases to consumer credit debt over the past few decades has eroded the financial well-being of average families across the country. Purchasing on credit only defers the (often negative) impact of such transactions on one’s life, and has led to an enormous redistribution of wealth from the middle class to .5% of the population over the last 25 years, he explained. According to Manning, consumer reliance on credit has also contributed to a loss of personal freedoms. Credit processing agencies meticulously examine credit and other kinds of transactions in order to monitor the behavior of consumers, he continued. Those extra miles or points many people earn with their credit cards are not free, he alerted. Consumers leave behind electronic fingerprints every time they make a transaction, talk on the phone, or ride on public transportation. Agencies use this information to make (sometimes incorrect) financial judgments about consumers, predict their habits, and potentially even to modify their behavior, Manning suggested. Like many debt-saddled consumers, America is maxed out as well. What kept the world confident in investing in the country was its ability to borrow beyond its means, Manning …
Video Rating: 5 / 5