1. Household Debt Hits New Record of $13 Trillion
2. Auto Loans: Delinquencies Rising in “Sub-Prime” Market
3. The Secret Congressional Sexual Harassment Slush Fund
4. Congress’s Office of Compliance – Guilty Until Proven Innocent

Overview

A new report from the Federal Reserve Bank of New York last week found that US household debt hit another record high in the 3Q of almost $13 trillion. The largest increases came in student loans, auto debt and credit cards. I’ll share the details with you just below.

Following that discussion, we’ll shift gears entirely and look at the rapid increase in sexual harassment charges of late. Specifically, I’ll share a closely-guarded secret that Congress would rather we not know about. Did you know that there is a taxpayer-funded slush fund in Washington that politicians can tap to buy-off their accusers? Neither did I until recently.

You will be shocked to learn how many accusers have filed complaints and been paid-off with money from the slush fund since the late 1990s. Over $15 million in claims have been paid, without us knowing who they were paid on behalf of. This is preposterous!

Yet this story gets even worse, unfortunately. As you’ll read later on, those who accuse members of Congress or their senior staffers of sexual harassment are often presumed to be guilty of lying until their claims can be verified. But I’m getting ahead of myself.

Household Debt Hits New Record of $13 Trillion

As the stock market soars to new heights, new data shows that US household debt has reached yet another new record high. The Federal Reserve Bank of New York reported last week that household debt totaled almost $13 trillion ($12.96T) in the 3Q ended September 30, an increase of 0.9% from the previous quarter.

The 3Q reading was $280 billion above the previous record peak back in the 3Q of 2008. Just since 2013, household debt has climbed more than 16%.

Household Debt