{"id":353241,"date":"2018-03-21T20:48:56","date_gmt":"2018-03-21T19:48:56","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/deja-vu-all-over-again-2\/"},"modified":"2018-03-21T20:48:56","modified_gmt":"2018-03-21T19:48:56","slug":"deja-vu-all-over-again-2","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/deja-vu-all-over-again-2\/","title":{"rendered":"Deja Vu All Over Again"},"content":{"rendered":"
\n\t\t\t\t\t\t\t \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Everything is great. We\u2019re riding high. The stock market is up. Employment is up. Analysts and pundits see nothing but smooth sailing ahead.<\/p>\n

It sounds an awful lot like 2007.<\/p>\n

It\u2019s like deja\u00a0vu all over again.<\/p>\n

As\u00a0an article published at\u00a0The Conversation<\/em><\/a>\u00a0pointed out, there were two key problems lurking below the surface in the mid-2000s that few people paid any attention two. Those same two factors exist today. And once again, few people are paying much attention.<\/p>\n

    \n
  1. Excessive household debt<\/li>\n
  2. A housing bubble<\/li>\n<\/ol>\n


    \n    \"\"<\/a><\/span><\/span>
    \n    How an Economy Grows a…<\/a><\/span><\/span>
    \nPeter D. Schiff, Andre…<\/span>
    \nBest Price: <\/span>$2.49<\/span><\/span>
    \nBuy New <\/span>$5.89<\/span><\/span>
    \n(as of 09:35 EDT – Details<\/span>)<\/span><\/span>
    \n    <\/a><\/span>
    \n<\/span><\/p>\n

    Looking back at the mid \u2018oos, the economy seemed to be chugging along. But inflation-adjusted household incomes were lower than they were in the late 1990s. To maintain their standard of living, people took on more debt. At the time, it wasn\u2019t a problem. Interest rates were still low thanks to the Federal Reserve\u2019s monetary policy in the wake of the dot-com bust. Underwriting standards were also low. Banks and credit card companies were happy to loan money, even to people with marginal creditworthiness.<\/p>\n

    As a result,\u00a0household debt soared<\/a>\u00a0from just over $8 trillion in 2004 to $12.69 trillion in 2008.<\/p>\n

    Fast forward to today.\u00a0Household debt has now risen above pre-crisis level. Last month, the New York Fed released\u00a0the latest data on US household debt<\/a>, revealing it has grown to a record $13 trillion.<\/p>\n

    \"\"<\/a><\/p>\n

    Non-mortgage household debt (credit cards, student loans and auto loans) has risen 41% above its previous peak in 2008.<\/p>\n


    \n    \"\"<\/a><\/span><\/span>
    \n    The Real Crash: Americ…<\/a><\/span><\/span>
    \nPeter D. Schiff<\/span>
    \nBest Price: <\/span>$6.99<\/span><\/span>
    \nBuy New <\/span>$10.97<\/span><\/span>
    \n(as of 01:35 EDT – Details<\/span>)<\/span><\/span>
    \n    <\/a><\/span>
    \n<\/span><\/p>\n

    And of course, when you have debt, you have to service that debt. Analysts at\u00a0The…<\/em><\/p>\n<\/div>\n

    Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Everything is great. We\u2019re riding high. The stock market is up. Employment is up. Analysts and pundits see nothing but smooth sailing ahead. It sounds an awful lot like 2007. It\u2019s like deja\u00a0vu all over again. As\u00a0an article published at\u00a0The Conversation\u00a0pointed out, there were two key problems lurking below the surface in the mid-2000s that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-353241","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/353241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=353241"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/353241\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=353241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=353241"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=353241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}