One Fourth of Americans Have No Emergency Fund

While many Americans report suffering financial emergencies, a sizeable number have no emergency fund saved up. It seems like I post a story about this every other month because new studies keep coming out that set forth the same depressing facts, Americans are not prepared because they don’t or can’t save money. I always post about such news stories for two reasons. First, I want to point out that the media story about an Obama recovery is not very credible. We are not living in a growing Read more […]

A Third of Americans Have No Savings for Emergencies

Far too many of us have no savings, or inadequate savings, for a financial crisis. Our political and economic leaders have encouraged a culture of spending, as if that was the key to economic growth. They have encouraged consumer debt and consumers have mostly fallen for their message. Thus, the present mess we are in. CNBC reports, “Look who’s living on the financial edge.” According to a newly released report from Bankrate, 24 percent of Americans have more credit card debt than Read more […]

Families Unable to Cope with Financial Crisis

Families don’t have adequate savings to make it through a financial crisis of any size during our Obama “recovery.” Families don’t have savings any more. This is a direct result of government policy going back before Obama but getting worse under his rule. As the Federal Reserve has lowered interest rates it has made savings less rewarding and speculation more tempting. That is a major reason why we had the housing bubble. People were satisfied with the “net worth” of U.S. families Read more […]

Most Americans Have No Savings

People who have no savings are more likely to follow after fake political saviors. Wednesday I plunked down a little over $600 for car repairs. It was exceedingly painful, but evidently not as painful as it is for many of my neighbors. Consider this story at Market Watch: “Most Americans are one paycheck away from the street.” Approximately 62% of Americans have no emergency savings for things such as a $1,000 emergency room visit or a $500 car repair, according to a new survey of 1,000 adults Read more […]

End the Evil! End the Fed!

Why must we end the Fed? Mark Horne nails the evil Federal Reserve System with this conclusion: When preparing for the future becomes too difficult to accomplish, people tend to push it out of their minds. They are not failing to save for the future because they don’t think about it. They are failing to think about the future because their government has made it to difficult to save for the future. The elite have enriched themselves through immoral economic policies, and force anyone trying to Read more […]

One Fifth of Seniors Have Nothing Saved for Retirement; Almost One Third of Everyone Have Nothing Saved

Twenty percent of people fifty-five years of age and older have nothing saved for retirement. Thirty-one percent of adults of all ages have no retirement savings. According to the Washington Post: The sobering statistic was one of many released by the Federal Reserve on Thursday as part of its report on the economic well-being of U.S. households, which surveyed more than 4,100 people online last year between mid-September and early October. The study offered a stark reminder that as more Read more […]

Are You Going to Base Your Life on Misinformation, Or Are You Going to Get a Plan?

Dear friends, this is a critical question: Do you have a Plan B? You may not understand the entire picture—none of us does—but you’ve got to recognize that there are massive, massive potential dislocations ahead. As Simon Black wrote at Zero Hedge, On the first of September, 1939, Hitler’s armies invaded. And despite suffering massive military losses, the Polish government spread all sorts of misinformation on the radio, telling its people about phony victories against the invading German Read more […]

In Case You Forgot: Many In Middle Class Living On Edge Of Knife

Time magazine is reporting on a new study that finds that many of your neighbors are slogging through the same garbage that you are, living hand to mouth. You probably already knew that, or at least suspected it. Well, now you can believe it. Nearly Half of America Lives Paycheck-to-Paycheck The economic picture is looking brighter these days. The federal government announced Thursday that economic growth had picked up to its fastest pace in two years, while employment growth over the past five Read more […]

Less Affordable Housing In 20 Cities In 2014 Is Not Good Economic News

Apparently the essence of financial wisdom in the Western World is to learn nothing from the housing boom and bust leading into the 2008 recession. All anyone can do is simply hope for the government to somehow take us back in time to 2006. Many of us who own homes are, of course, wishing we could think of these homes as an asset rather than a liability. I sympathize. I’m in that group with many other. But the entire way of life is toxic and we need to wish it dead, even if it is going to mean Read more […]

Small Town America Dying From Recessions, Heroin, Depopulation; But Media Not Curious About Causes

The headline looks like it is ready to go all Marxist on the readers: “Reinventing the Dwindling Middle Class May Take A Revolution.” But the content of the radio news report didn’t match it. It was just sad story about a journalist returning to her hometown of Lincoln, Illinois and noticing the changes. It turns out that what’s happening in Lincoln is happening in so many towns and communities across the country: As we recover from the Great Recession, jobs are coming back. But they are not Read more […]

This Can’t End Well: Debt Slaves Won’t Make Effective Freedom Fighters

I always thought that the main reason why people build up consumer debt is a rosy view of the future. If you are confident that you are only going to become more prosperous, that naïve confidence can lead a person to make irrational decisions. But I must be mistaken. A majority of Americans with 401(k)-type savings accounts are accumulating debt faster than they are setting aside money for retirement, further undermining the nation’s troubled system for old-age saving, a new report has found. Three Read more […]

Implosion Architect Greenspan Blames Us for Being Irrational

The Wall Street Journal has given former Federal Reserve Chairman Alan Greenspan a careful platform so he can justify himself. The most nauseating thing about this “interview” is it gives us few direct quotations. It mostly summarizes points. Obviously, this is simply the defense that he wishes public to swallow about himself and that the “reporter” Alexandra Wolfe dutifully produced, no doubt allowing him to edit and “correct” the final draft. If we were given a transcript or (better) Read more […]