Auto Repossessions Hit Record High

"Boston Globe reports, "more Americans, under growing economic pressure, are deciding to surrender their rides rather than the roofs over their heads: The rate of auto-loan defaults recently reached a 10-year high of 3.4 percent." With gas prices reaching all-time inflation-adjusted highs and the economy suffering a downturn, "consumers are looking to downsize to cheaper, more fuel-efficient models, and reduce their payments." Many can't sell vehicles they purchased in recent years because they owe more than the car is worth.Auto Repossessions Hit Record High - U.S. News Rankings and Reviews "

First homes now autos, what next. Our economy is going down fast and hard unless something is done about it.

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Daniel W. "Gigagei Waya" McCullar, 4th Dan

Oooh, look the Korean stylist used Chinese
http://www.dragonslist.com/discussio...read-ever.html

I have only 5 more payments and my car is paid off!!! Woo-Hoo!!!!

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I must not fear.Fear is the mind-killer.Fear is the little death that brings total obliteration.I will face my fear.I will permit it to pass over me & through me.& when it has gone I will turn to see its path. Where the fear has gone there will be nothing.Only I will remain.F.Herbert

I don't want to sound like a Debbie Downer, but ...

The economy will continue to trend downward. I don't know about fast and hard. But it is taking a sharp dip right now. Stats are pointing that way ... but even more telling is how, at the end of last month, about half the people I know in Boston (I don't know that many but, it's more than 2 and less than 100) were laid off. They all work in different industries -- I mean, "worked" -- and were all let go the same day. Layoffs aren't unusual in this day and age, but it is unusual for so many acquaintances to be sent packing at the same time.

Just a symptom of something much larger IMO. More scary is the news that the Fed will be auctioning 50 billion dollars to the banks this week rather than 30 billion. I don't think flooding the economy with more dollars is going to help.

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"Pain can be a great teacher of compassion and humility."~ Unkotare-san

"Whatever the case, it proves that countless disasters can be prevented by simply assuming everyone you're working with is a moron." ~ Adam Brown, 5 Tiny Mistakes...

“	Originally Posted By: aaradia I have only 5 more payments and my car is paid off!!! Woo-Hoo!!!!	”

Ain't that a great feeling!?!

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"Pain can be a great teacher of compassion and humility."~ Unkotare-san

"Whatever the case, it proves that countless disasters can be prevented by simply assuming everyone you're working with is a moron." ~ Adam Brown, 5 Tiny Mistakes...

I always feel smug when some one starts boasting about their car and I can think "yeah, but I own mine".

I'm not sure how bad the economic troubles will be in the US. I think the banks are being, to put it nicely, dissengenious, in saying they "don't know" how much bad debt they have on their books. It should be very simple to find out how much of what kind of debt they have or have purchased. Most of the trouble is that the diviners and astrologers market analysts and economists have predicted that a lot of current debt will go bad because a lot of companies have clearly been cooking the books. As a result the lending has dried up.... but it could all start up again if the market analysts and economists decide to be cheerful next week... It just depends how cheaply they want to buy stuff I guess.

We have had all the same gloom and doom stories in the press over here - in London targeted at the housing market - and then suddenly it turns out that there's going to be zillions paid in city bonuses again and that's a good thing apparantly because city boys will buy flats in Chelsea for stupid prices this year too.

Pumping out dollars could be good for ordinary people with limited savings - the good side of inflation is that wages rise and that chews away at the real value of debt and so those cars will stop being reposessed...

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Consider Phlebas, who was once handsome and tall as you
High mountains are a feeling
I don't need to sell my soul, he's already in me

Hey John100, is it true gas is the equal of 8 us dollars a gallon over there? Someone on the radio said that and I can't believe it is that bad! Is it?

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I must not fear.Fear is the mind-killer.Fear is the little death that brings total obliteration.I will face my fear.I will permit it to pass over me & through me.& when it has gone I will turn to see its path. Where the fear has gone there will be nothing.Only I will remain.F.Herbert

Fuel is pricey. I pay over £1 (that's $2) a litre (much of it is tax)... BUT on average, when I compare my outgoings to US colleagues/friends fuel bills work out a good deal closer than the prices would make it seem. Something to do with the kind of cars we prefer to drive

__________________
Consider Phlebas, who was once handsome and tall as you
High mountains are a feeling
I don't need to sell my soul, he's already in me