More Bankrupt Americans

Here's another 'pessimistic' article.

Strange. Why can't one read it as it is, instead of branding? Why the need of branding such as pessimist and optimist? Unless of course one is A Mind Less Open...

Anyway the following report caught my attention.

• OCTOBER CONSUMER BANKRUPTCY FILINGS REACH NEW HIGHS, UP 28 PERCENT OVER LAST YEAR
  
  November 4, 2009 Alexandria, Va. — The 135,913 consumer bankruptcy filings in October represented a 27.9 percent increase over last October's monthly total of 106,266, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The October 2009 consumer filings represented an 8.9 percent increase from the September 2009 total of 124,790. Chapter 13 filings constituted 28.5 percent of all consumer cases in October, a slight increase from the September rate.
  
  "The nearly 9 percent increase in consumer bankruptcy filings in October, together with a 7 percent jump reported in business cases, demonstrates the sustained stress on the U.S. economy," said ABI Executive Director Samuel J. Gerdano. ABI forecasts that total bankruptcies this year will exceed 1.4 million, the highest number since 2005.

Another interesting issue?

Flashback: Warren Buffett's Comments On US Economy

• "I am not sure about exact quarters or anything of the sort. Who knows about next week or next month? We made enormous progress since a year ago. We had a real panic. And if you didn’t panic, you didn’t understand what was going on. What happened in September and October of 2008 will particularly be remembered for a long, long time. And while the governmental authorities malign things sometimes, they fortunately did some very right things, very important things. They did them properly, and they kept us from going over the cliff. The fallout from that financial panic hit the regular economy in the fourth quarter like a ton of bricks. We are coming back from that. The patient really went into the emergency room and it won’t come out of the hospital entirely for a while."

Oh.. and I hope folks won't start branding Warren as a pessimist!

And the question most is asking is why isn't the Amercian on the street being bailout?

In the posting: Doomed To Fail Again!

• Wall Street is bailed out; Main Street is not. Efforts to subsidize the incomes and balance sheets of failing firms have been massive and were implemented with minimal debate, requirements, or oversight; efforts to shore up taxpayer incomes and balance sheets have been comparatively minimal, subject to extensive debate and tinkering, highly selective, and incomplete.

And the impact of such policy?

Consider this news article: Orlando shooting suspect had recently filed for bankruptcy

• Orlando, Florida (CNN) -- The suspect in Friday's shooting of six people in a downtown high-rise is a 40-year-old man with economic woes that include a recent bankruptcy filing, federal records show.
  
  In his filing last May for Chapter 7 bankruptcy, under which he sought to have his assets liquidated and his debts discharged, Jason S. Rodriguez listed his assets at $4,675 and his liabilities at $89,873.31.
  
  His 2002 Nissan XTerra with 110,000 miles represented $4,000 of those assets. His personal property filing described the vehicle as having body damage on the right side, an air conditioner that did not work and a transmission that was slipping