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Dover Downs Gaming & Entertainment Inc. Message Board

  • bigfry_52 bigfry_52 Jun 17, 2006 2:25 AM Flag

    $60 k a Year is Drying Up as Rates Rise

    It's hard to play Slot machines when you're house is being forclosed on!

    According to the US Census bureau DDE's home state of Deleware has average annual household income of: $60,352

    LINK to US Census Bureau Average Annual Household Income Statistics:

    The US currently has the highest per-capita debt it has ever had in its history.

    US household debt is 85% of GDP.

    2/3 of all mortgages within the last 4
    years are flexible rate.

    Nearly 1/3 of all new mortgages are 0% down

    New Bush rules regarding credit cards and
    loans make it nealry impossibel to default on credit-cardloans, and allow banks nearly unlimited room to change (read: "raise") rates.

    The upshot is, Americans are massively

    When interest rates rise, there will be huge real-estate and personal-finance problems.

    US house values are up over 100% in the past 5 years, and wealthy families are piling on debt the fastest, largely because of increased borrowing against the value of their homes.

    Debt for the top-fifth of U.S. households hit 120% of disposable income in the first quarter of 2006, up from 100% in 1995, according to Federal Reserve Board calculations.

    The debt burden for the bottom four-fifths of households also grew, but at a more modest rate. It rose to 80% of disposable income this year, from 70% in 1995, according to the Federal Reserve.

    Most financial experts agree that this is simply unrealistic, an that the US is now
    experiencing "asset inflation" rather than monetary inflation.


    A drop in real estate, more personal bankruptcies, and (scariest) the possibility of bank failures.

    To add even more spice to it all...

    Freddie mac and Ginnie May (the US government's arms-length mortgage finaciers) are under criminal investigation for
    bad loans.


    It's hard to play Slot machines when you're house is being forclosed on!

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