What happens when consumers can’t afford to borrow and banks can’t afford to lend?
The Federal government redoubles up its efforts to urge the two unwilling parties to act rationally, play nice and get back to borrowing and spending.
No sense in accepting limitations or even having a consideration for the future… if you need something or some service now but are broke of current dollars well there is always future wealth that can be tapped so long as Uncle Sam is at the helm.
Fannie Mae, Freddie Mac, FHA, SBA, Sallie Mae, Ginnie Mae… it makes no difference which Mae, A or Mac, the government can sponsor you some debt for things like college tuition, starting a business, buying a home and who knows what else.
What kind of half rate democratic debtor nation would we be if we didn’t mandate equal access to debt servitude?!
On that note… take a look at the latest ratio of federal government owned consumer credit to total consumer credit outstanding.
It’s currently just over 9%... that’s up over 75% just the last 12 months…. so 9% of all consumer credit has been brought about by the good graces of our representatives in Washington… aren’t we all just so lucky?