A record 7 million Americans are 3 months behind on their car payments
 

Economists are saying this is a big red flag for the failing economy getting worse.

We have over 1,000,000 more people 3 months behind now than we did back in 2010.

I think trump was right when he said the jobs report can be faked something here clearly isn't right what do you think?

A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy

A record 7 million Americans are 90 days or more behind on their auto loan payments, the Federal Reserve Bank of New York reported Tuesday, even more than during the wake of the financial crisis.Economists warn that this is a red flag. Despite the strong economy and low unemployment rate, many Americans are struggling to pay their bills.

“The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market,” economists at the New York Fed wrote in a blog post.

A car loan is typically the first payment people make because a vehicle is critical to getting to work, and someone can live in a car if all else fails. When car loan delinquencies rise, it is usually a sign of significant duress among low-income and working-class Americans.

The New York Fed said that there were over a million more “troubled borrowers” at the end of 2018 than there were in 2010, when unemployment hit 10 percent and the auto loan delinquency rate peaked. Today, unemployment is 4 percent and job openings are at an all-time high, yet a significant number of people cannot pay their car loan.

This post is sponsored by Bladewire Media "Astroturfers for hire".

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For those who think this is acceptable on "either side", I would encourage you to view the shill index - https://www.reddit.com/r/shills/comm...ad_revision_8/

Hi there Bladewire #2

It gets worse too. A lot of new cars are sitting on lots waiting to be sold, much more than usual.

Have you noticed the change in the automobile industry? Some car dealerships are no longer selling new cars. Ten years ago my Ford dealer only sold brand new Ford cars. Eventually they started selling used Fords. Now they sell everything. One side of the dealership sells new Fords, the other side sells everything. My local Jeep / Dodge dealer has very few new cars on the lot. I think it's because people eventually return leased cars, and then they turn around and resell them. My last three car purchases have been lease returns - like new with 20k miles on them, but a lot cheaper.

Yes it's definitely a problem

Car Dealer Lots Are Flush With Unsold Cars as Sales Are Expected to Drop | Wall Street Journal

"There were 3.95 million vehicles on dealership lots at the end of January, a 4% increase from December and up nearly 3% from the prior-year January, according to data released Monday by WardsAuto."

Honor the bet bitch, easy $1000 for ya.

Told you guys 2 months ago we would see a downturn this year. It's why I'm not buying a truck right now.

Imagine the optics when we're in a deep recession later this year & the $25 billion wall to nowhere is being built out in the middle of nowhere.

A wall with large gaps of no wall and with holes dug under it.

Another idea would be buying only cars that you can afford - instead of trying to impress your neighbor.

The cost of living increased in America due to tarrifs, gas price increases & food price increases. People who have to drive far to work suffer the most when gas prices increase by $1.

People who rent get yearly rent increases up to 10% in most of America.

1 out of 3 Americans are 1 Paycheck away from being Homeless

Is that a big pile of hemorrhoids ?

https://treasurydirect.gov/NP/debt/current


National Debt just passed 22 Trillion, hopefully since the world is out of recession Trumps kept up the borrowing pace to build infrastructure and hasn't blown this by handouts to the rich and daily Government running. or your fucked as a country..

Even Trump Tards goto size Zero Hedge says..

"the CBO's long-term forecast of debt issuance is, basically, apocalyptic as the following chart confirms..."

https://www.zerohedge.com/news/2019-...ps-22-trillion


Word of the day.. apocalyptic economy

Gas is like 3 times more expensive here, that's why small cars with good mpg are popular.

Americans still want their big ass V6 and V8 with hundreds of hp even when the speed limit is 65 mph

Most sold cars in Europe are VW Golf or Ford Focus - in the US it's F150. Because everyone needs a truck. All the time. Vendzilla will explain.

Where I live a lot of people drive 60 miles to Los Angeles to work, then 60 miles home. 120 miles a day, 5 days a week. Others drive 68 miles to San Diego to work, 136 miles a day. Crazy.

Many in this thread hoping their country has hard times so you can feel redeemed for picking the wrong horse.

More bs from bladewire.

Most of these loans bladeliar is referring to are bad loans to people with shit credit. 4.5% of borrowers are 90 days late, down from 5.4% in 2010. These are based on these subprime type loans. Doesn’t have much at all to do with our economy. Other loans to people with average or above average credit are fine.

Again, this is just wishful thinking on bladewire’s part that the economy is tanking. Very sad that people like this actively get up every day hoping that the economy is crashing and people are hurting financially all because their guy or gal didn’t win the election.

MAGA anyday now...

.
No we are saying told you so because any idiot would know a guy who has gone bankrupt 5 or 8 or however many times Trump has isnt smart enough to be POTUS..

I am not sure why only in America, we love gas gusslers.

I prefer smaller cars..

For a lot of people it is comfort. I have a smaller car at the moment, but in the past I had a bigger SUV. The SUV had nicer, more comfortable seats and just more room in it and it rode a lot smoother. I have a friend who has a huge Suburban and says it is so comfortable to drive he doesn't care how shitty of gas mileage it gets. Of course, a lot of the people I know with bigger cars don't have to commute very far for work or have a second, smaller car for work.

The government shutdown showed just how unstable things are for a lot of people. There were a lot of people who missed 1 month of pay and were forced to go to food banks, put up gofundme pages, and ask for help. There were tons of stories about regular people with government jobs, literally living paycheck to paycheck with nothing saved and in deep shit the minute money stops coming in.

WAIT wait wait wait. Blade, are you losing your touch? Dafuq is wrong with you?

http://i44.tinypic.com/15yawki.gif

Shouldn't this thread be called:

"A record 7 million TRUMP SUPPORTERS are 3 months behind on their car payments"

?

how convenient to cite 2010 as your year for comparison right after the 2008 crisis...why not site say 2015? oh right...it would look bad



oh so the well off have no problems paying loans? :1orglaugh:1orglaugh:1orglaugh problem solved then! lets just disregard the problematic part and focus on the rich :thumbsup

Ok this is a genuine question for you. If Hillary had won, would the stock market be better, would situation with Korea, Syria, Russia, be better. Would there be less unemployment for all ethnic groups?

Not for me but an answer regardless,

stock market would be in same place but it wouldn't of had the spikes and lows tramps managed achieve via his twitter account and trade wars and temporary tax boosts..

North Koreas a difficult one, more sanctions were coming no matter who was in. Same with South Korea reaching out.

Trump has brought Kim in to the public arena legitimising his dictatorship back home and that's something I doubt Hillary would of done. The problem is to get to that point, trumps taunts and military provocations meant NK has expatiated their missile building and defences like never before. So really the only good thing was the sanctions and South Korea extending their hand and they were coming regardless. All it's really been is a mass propaganda exercise for Kim and trump. They have a second meeting coming up but after that the spin stops and everyone will want to see clear and defined actions.

Syria/ Russia, it depends on which side you want to sit on, trumps basically handed Syria to Assad and left Russia there supplying him and Iran with weapons.

Clinton wouldn't of stood for that and a much heavier involvement in Syria would of been assured, if the USA was able to block those weapon sales, then Russia would be out of there ASAP. In many ways trump has done the one thing he was hired to do.. give the world to Russia, where as Hillary would of contained them.

do you remember that i told you that almost 1 year ago?

and this will cause a problem soon because such cars are auctioned. the higher the demand, the lower the price. but if it is worth buying bargain cars because they are so cheap, the new car production will decrease (which it already does) and many hundreds of thousands of jobs are in danger.

Economic growth with borrowed money cannot work in the long run.

You sure this is Trump's fault? Because this sounds alot more like the financing companies giving loans to people that can't afford them. If this is Trump's fault then you need to also say that the subprime mortgage crisis was Obama's fault.

Sometimes it's not the president. Sometimes it's just greedy bankers.

That's insane. I've never driven more than ten miles to work.

I love working from home.

it is because he was doing all that people take this loans

1. he did not want the interest increase
2. he told the people that they will become rich with the tax break
3. he told them that all americans will soon have a job and make much more money
4. he deregulated the banks that they can give such loans again.

the complete bubble is build on loans.
loans on houses and cars and private consumption.

it can not come from anything else because the trade balance is worse to before.

such an instrument with easy loans and low interest should not be used in a time when the economy is strong. but this is exactly what he did. and this is gonna be a huge boomerang.

Sub prime mortgages originated around 1994 and peaked in 2005. In 2006, housing prices started to decline. Subprime borrowers couldn't sell their houses at a higher price than they paid for them. Banks weren'​t willing to refinance when the home's value was less than the mortgage. Instead, banks foreclosed.

Obama was president from 2009-2017 ?

The stock market would most likely be better. Trump is all over the place, had no planning for our economy, and a lot of investors have lost faith and fear what is coming.

With Korea, we would be in the same exact place we've been for the past fifty plus years. However, Hillary wouldn't have granted NK a place on the world stage and Hillary wouldn't have made a fool out of herself like Trump did. Trump promised to fix the problem, stop them from building nukes, had a meeting with them, and they are still building nukes.

With Syria would have some clear objectives laid out. We surely wouldn't be handing Russia and Iran a big win by pulling out.

With Russia our relationship would be better. Trump cannot do anything with Russia because the moment he does they question every decision.

Trump hasn't accomplished anything in two years of being in office. He hasn't fixed or changed the economy; He walked into office with a great economy and everything heading in the right direction. He hasn't accomplished anything with NK, Syria, Russia, or any of other problems. The only single accomplishment he has had was the "tax cut" and its become plainly and painfully obvious that this wasn't a tax cut for the average American, was a huge tax cut for the rich and big companies, and our deficit has shot up and is out of control.

This is not winning. This is the direct opposite of winning.

Hey I'm just using the dataset that was used for the article.

Dude you don't have to be "well off" to have a good credit score. Trust me, I see many people that work regular jobs making 40k a year with good credit.


The bottom line is, it's baiting dummies like bladewire who seek out bad economic news to masterbate to.

How do you explain Zerohedge:

We doubt today's milestone will be celebrated on Trump's twitter account.

And while some can argue - especially adherents of the socialist Magic Money Tree, or MMT, theory - that there is no reason why the exponential debt increase can't continue indefinitely... the CBO's long-term forecast of debt issuance is, basically, apocalyptic

https://www.zerohedge.com/news/2019-...ps-22-trillion

… Of course, at some point the market will finally start focusing on America's long-term - and very much unsustainable - debt picture as the CBO has warned year after year. When it does, and when there is another major selloff in stocks, US Treasurys will no longer be the "safe haven." If and when that happens, that will be the signal that the time to get out of Dodge has finally arrived.

------

So according to your goto finance site, the trajectory trump has the USA economy going is.. apocalyptic

Look at a map and try to realize that an American drives the width of 3 Euro countries just to go to the fucking beach.
While you never leave your country.

:1orglaugh

Plenty of other big countries.. and they all use smaller cars, its a dick size thing in the USA

He's just an anti-American POS. He's got that German Aryan blood so looks down his nose at us mere mortal Americans.

https://i.imgur.com/buYYrh6.png

Who gives a shit what we drive. I couldn't imagine myself hating on another country so much that I hang around on US based message board criticizing shit they do. Get a life dude. All that jealousy is eating you alive.

Fucktard you spend your entire life criticizing other countries on this board, and since America is the country I pay the most tax in, do the most business in... yeah I'll have my say.

You seem to spend your days criticizing countries you've never visited, never done business in and I'd believe never meet anyone from.

The method of operation for idiot trump supporters is to explain away every typical economic red flag indicator such as mass layoffs, factories moving overseas because of trump tarrifs, record $22 trillion debt, record loan defaults. Then when the shit hits the fan they blame the previous Democrat president.

He's not the brightest bulb & he's a hypocrite :1orglaugh:thumbsup

This is exactly why Republicans push to keep wages low, because if people can still have nice things but live paycheck to paycheck they can be controlled and not pay attention to how politicians and rich CEOs are fucking them.

The entire reason OWS happened was because the college age kids had nothing to lose..

I'm not sitting on a Mexican business board calling them a bunch of dumb drug dealing murderers. Big difference.

And all you do is cry about America on an American board. You hate us. And I'm not the only person that has pointed this out.

We certainly wouldn't of had a trade war. Serious question can you not put 2+2 together to realize that the trade war and tax cut did this? Do you not realize that everything started crashing when Trump started slapping tarrifs on everything...

Do you really not see the connection? I made a post here over 2 months ago telling what I saw right then in the freight market due to the tariffs. Now just as I said a bit over 2 months later we are at the start of a crash.


Trump was handed a booming economy and he crashed it trying to be Mr deal maker.


Also the situation with NK.. umm the little Supreme leader didnt do anything he agreed to do other than talked a few times.

Syria is in ruins and people are still dying there day in and out.

Russia attacked our country and still continues to attack it day in and out and Trump has done nothing but whatever Putin wants..

Are you serious?

So nothing should be done about China? We should continue to let China steal our intellectual properties and let our jobs just continue to be exported to China unabated.

This is actually a great question Huey put forth. It's fun to watch you libs pile on the bullshit.

I'm not against trying to do something about China. I said when Trump started the tariffs that I was undecided

However Trump went way too far with it and he pulled us out of TPP giving us no seat at the table to put any pressure on China from that angle.


All those farmers hit by the tarrifs are never getting that level production back. Even once the tarrifs ended the market share we had in China was lost..

All those soybean farmers are shit out of luck because they used to ship to China and now Trump lost their market place because China replaced them from elsewhere.

Same with the beaf and poultry industry China stopped buying. Now the farmers lost a huge amount of their market share that they cant replace..

Tarrifs were put on a freeze but the market share didnt go back to the American farmers. Trump fucked them..

You gonna say Hillary would've done that?

Hillary wouldn’t have done shit besides take a big fat donation from China to the Clinton foundation. You know it, and I know it.

And nobody’s going to be permanently fucked. Yeah some eggs are going to be cracked but How else are you going to make that omelette?

Plus don’t forget the trade war isnt over yet, and we already have China guaranteed to buy over $1 trillion worth of goods from us.

Trump didn't just fuck with China he fucked with trade agreements with our allies. He tore up every trade agreement we had and threw them in the trash.

You are not living in reality or you have no clue what is going on if you think what Trump did was smart. This wasn't just about China..

Also in the end what did Trump get? He basically renamed NAFTA. Lost a bunch of business to China, he certainly didn't gain any. NAFTA II, is the same deal but actually now more cars are allowed to be made in Mexico & Canada. It fixed a few things, that were gonna be fixed anyway but over all it's the same deal it's why everyone calls it NAFTA II..

Then lets talk about Russia. There is zero question if there was collusion or not. We have already seen direct evidence of collusion. The only question is how far did they go.. Was it just the Trump hotel meeting and trying to get the emails or did it go further.

There is 1 thing that is 100% certain. There is absolutely zero question that Putin/Russians have dirty shit on Trump. My guess is Trump has been laundering Russian money for years. You don't have 500+ shell corporations to dodge taxes.. You have 500+ shell corporations because you are laundering money.. That is 100% fact..

The only question, is what will Muller be able to prove and how far did he dig into Trump's shell corporations.


One thing is fucking certain, while Hillary had her issues, she wasn't owned by the fucking Russians.. She wasn't a fucking traitor.

Omg how delusional could you be? Zero question? Did you forget the bipartisan senate intelligence committee conducted a fucking 2 year investigation with over 200 interviews and found not a single iota of evidence that suggests Russian collusion? I guess if Mueller finds Trump innocent you guys won’t accept that as well, huh?

You are denying the Trump tower meeting took place? Also Republicans claiming Trump dindo nuffins wrong but saying let's investigate Hillary...get real.

But I bet you think its legitimate...