Santa’s Reindeer: Not as Sprightly as They Used to Be

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After lugging a sleigh full of Wiis and Hannah Montana dolls across the sky, the reindeer are due for their annual checkup. Dasher, Dancer, Prancer and Vixen–otherwise known as Discover, Diners Club, PayPal and Visa–have been pulling increasingly huge loads in recent years, and this year was no exception. On Tuesday MasterCard Advisors reported that US holiday sales were up 3.6 percent from 2006. That our plastic reindeer carried such a heavy load through the blizzard of a mortgage crisis is a testament to the power of Rudolph and his nose of red. But is the Red-Nosed Reindeer running his team into the ground?

What’s clear is that consumer debt is taking a red nose dive. This week the AP reviewed financial data from the nation’s largest card issuers and found a steep rise in delinquencies among accounts more than 90 days in arrears. Some of the nation’s biggest lenders reported the accounts have ballooned more than 50 percent compared to a year ago. Overall, defaults jumped by 18 percent.

Rudolph (and Santa) really are to blame for a lot of this. For most of this year consumers seemed to be coming to their senses. The national savings rate was positive for most of 2007, for the first time in years, but then it jumped back to negative leading up to the holidays. For the time being we’re once more following Rudolph back to 1929. His flashing red nose is certainly comforting, but it’s also why people used to call him names, and wouldn’t let him play in any reindeer games.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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