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Post by whoswho on Feb 5, 2009 9:05:24 GMT -6
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Post by xtra on Feb 6, 2009 6:12:43 GMT -6
I hear you. sad to say but we are being lied to by criminals. heres a great place to find some truth, its only 10 minutes long. This country is over, Alex Jones talks with Dr Stan Monteith heres part 3 part 1 pretty much starts about 30 secs at the end so no need to post it
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Post by Joe 6pack on Feb 6, 2009 16:46:05 GMT -6
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Post by unlawflcombatnt on Feb 7, 2009 15:39:08 GMT -6
The following passage from NYDaily News article is the real story: " Widely available consumer credit and increasingly sophisticated marketing campaigns fostered detrimental changes in consumer spending habits over the past several decades, according to a March personal savings analysis by EBRI. In more recent years, the run-up in real estate prices gave consumers a false sense of instant wealth, which deterred personal saving." In previous years, it was literally impossible for consumers to borrow enough money to get in this big a hole. But thanks to the wonders of "financial innovation," consumers have been able to borrow a progressively higher amount in relation to their incomes. And instead of having defined benefit retirement accounts that were guaranteed to pay a certain amount, they were pushed into becoming revenue streams for the Wall Street Cosa Nostra. The fault for lack of savings and retirement funds does not fall on consumers. It falls on the marketing con-artists and financial "engineers" who persuaded consumers to spend money they did not have, and money they could never pay back. Also worth mentioning is the fact that the cost of living has risen faster than median wages since the early 1970's. Real Weekly Wages are -14% lower than they were at their peak in 1972-73. That would naturally reduce the savings of American workers, as they have -14% less real income today, than they did in the early 70's.
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