Also see: The Vampires of State Government
"Use of credit shows steady increase; Personal loans fuel $8.9b rise in April" by Vincent Del Giudice, Bloomberg News | June 7, 2008
WASHINGTON - US consumer borrowing increased more than forecast in April as Americans racked up personal loans for everything from vacations to automobiles to education.
Total consumer credit rose $8.9 billion for the month to $2.56 trillion, the Federal Reserve said yesterday. In March, credit rose $13.1 billion, previously reported as an increase of $15.3 billion. The Fed's report doesn't cover borrowing secured by real estate.
Well, they aren't loaning that money anyway, so... Banks just ate that $200 billion up to cover their losses.
Consumers used their charge cards less and personal loans more in April, in the aftermath of the credit-market collapse and the deepest housing slump in a quarter century. Weaker consumer spending, which accounts for two-thirds of growth, could send the economy into recession.
"The consumer is getting hit hard on so many fronts from rising gasoline prices and grocery bills that are going through the roof," said Chris Rupkey, chief financial economist at bank of Tokyo-Mitsubishi in New York.
In advance of yesterday's report from the Fed, economists forecast an increase of $7.2 billion in consumer credit during April, according to the median of 30 estimates in a survey conducted by Bloomberg News. According to the Fed, total consumer borrowing rose at a 4.2 percent annual rate in April after increasing at a 6.2 percent pace during March.
Revolving debt such as credit cards gained $300.4 million during April, the smallest increase since May 2005. Nonrevolving debt - including car, school, and holiday loans - jumped $8.6 billion for the month, the biggest increase since August.
The Treasury Department yesterday said it has sent consumers a total of $57 billion in tax rebates between April 28 and yesterday.
Yeah, WHERE'S MINE? WTF?
Did you SEND IT to the WRONG PLACE?
(Still holding it back to send to war-profiteering corporations?)
After you guys spent ALL THAT MONEY to TELL ME ABOUT IT?!
Aaaaaaaahhh!!!!!
The Fed is calling for lenders to consider forgiving portions of mortgage debt to help ease the housing contraction and stem a rash of home foreclosures and plunging in real estate values. The situation "is bad and it's getting worse," Sandra Braunstein, the head of consumer and community affairs at the Fed, told a meeting of the Conference of State Bank Supervisors on May 22.
That's not what the government has been telling us (see post below)!!!
With households under increasing stress, first-quarter household net worth fell the most in more than five years and borrowing slowed, according to the Fed's Flow of Funds report issued Thursday. Real estate-related assets dropped by the most since the Fed's records began in 1952.
I'm freeeeeee.
Freeeee Fallin........!!!!
The number of US homes in foreclosure last quarter rose to the highest in almost three decades as did late payments on home loans, according to a report issued Thursday by the Mortgage Bankers Association.
Overdue debts at the six largest credit card lenders declined for the first time in 10 months in April, according to data compiled by Bloomberg from American Express Co., Bank of America Corp., Capital One Financial Corp., JPMorgan Chase & Co., Citigroup Inc., and Discover Financial Services."So what does that mean?
Credit card companies got payments... or scarfed up taxpayer $ to cover losses?
Hey, I need that cash advance to go down to the store!
"Lottery adds 2d drawing; Agency says another numbers game will mean more money" by Angel L. Jennings, Globe Correspondent | June 7, 2008
The Massachusetts State Lottery is giving players of its numbers game double the chances to win - or lose - money.
Starting Monday, the lottery will add a second daily drawing, a move that is expected to generate sales of $27 million and raise $7 million a year for Massachusetts cities and towns.
Yeah, pile more on the backs of the poor.
A midday draw will be held at 12:55 p.m., while the nightly draw will continue to air at 7:57 p.m. Monday to Saturday and at 6:57 p.m. on Sunday.
"Players have asked for" two drawings a day, said lottery spokesman Dan Rosenfeld. "It's a greater opportunity for winners to make money and for us to raise money for the cities. It's growing the pie for everyone."
Who asked? The GAMBLING ADDICTS?
And I've kind of had it with the economic propaganda around here.
Right LOTTERIES and GAMBLING are a PANACEA for us all!!!!
Pfffffffftttt!!!!!
The expansion of the numbers game is the latest attempt by the agency to boost sales after a rare down year in 2007.
That's because the POOR are TAPPED OUT!!
Ummmm, WHO is PAYING for that ADVERTISING, by the way?
Oh, I AM -- the TAXPAYER, or TICKET SCRATCHING SUCKER!!!!
Whadda RACKET!!
You know, ORGANIZED CRIME used to do the "numbers."
'nuff said!!!!
In the last year, the lottery has added a $20 scratch-off ticket and made a number of changes to its Keno game, including a mobile version that players can play on the go.
The changes appear to be paying off. Rosenfeld said the lottery is in the "midst of its best year ever" with sales projected to reach $4.7 billion this year.
Well, at least SOMEONE is making $$$, huh?
Oh, and as a kicker, here is what those scratch tickets are paying for, shit-chewing scratcher (where's that finger been, anyway?):
"Coveted tickets land at Lottery"
Yup, but the lottery is HELPING YOU, shit-munching Masser!!!!
However, sales from the numbers game continue to lag and have lagged in recent years. In 2004, the numbers game brought in $362 million, or 8.2 percent of total revenue, while last year it brought in $344 million, or 7.7 percent of overall sales.
As the lottery's revenue has plateaued, Governor Deval L. Patrick has proposed construction of three casinos in Massachusetts, which could further threaten the lottery's future.
WHAT a FAILURE this guy has turned out to be in Massachusetts!!
He has DONE NOTHING except try to get a couple of casinos here and toss money at rich Hollywood folk.
See, I don't lie to you, readers.
All revenue generated after paying out prizes and administration is distributed to the 351 cities and towns. Lottery revenue fell 1.4 percent in fiscal 2007, and lottery aid to cities and towns declined $59 million, or 6.2 percent.
State keeping the money, aren't they?
"State finances are in a rough spot right now," said Ian Pulsipher, a policy specialist at the National Conference of State Legislatures. "And gambling is a way to increase revenue without raising taxes."
Pffffffft!
This is a HIDDEN TAX that in effect transfers wealth to the richers as the poor are tapped ever more to fund the state looters!!!!
Un-frikkin'-real!
I DON'T LIKE LIARS, Ian!!!!!!!
Massachusetts is the latest state to draw numbers more than once a day. Currently, all the New England states except Rhode Island have two or more drawings a day.
All states suck!
Look, I'm not against gambling or anything else because it is free will; however, I DO NOT THINK GOVERNMENT should be USING IT as a CASH COW to TRANSFER WEALTH to the RICH!!
Tax breaks for Hollywood while we gotta scratch-and-sniff shit?
Recently, the lottery released its first $20 instant ticket, which offers more than $1 billion in prizes.
Oh, I better go get one now!!!
The agency also dramatically expanded the Keno game over the years, first by extending its hours to 20 hours a day and shortening the time between games from five minutes to four minutes. Then in April, the lottery introduced Keno-to-Go, a game that lets people buy tickets at outlets and check results on the lottery's website.
When a Keno racing game didn't take off as expected, the agency switched from virtual cars to cartoon horses. Since implementing the changes, lottery sales increased by 5.5 percent from last year and 3.5 percent from its previous high.
Cha-CHING!!!!
"Things are looking up right now, but with $4 a gallon gas, we will see," Rosenfeld said."
Yeah, right.
What happens is the the poor sop goes in and says, "Gimme a five dollar scratch ticket, too" hoping they will hit the illusionary prize.
Cha-CHING!!!!
(Scratch, scratch, scratch)
Damn! I better hit the ATM again!!!
