The substantial drop in credit card debt in the United States since early 2009 has been widely attributed to newly frugal consumers. But analysts say that a significant portion of the decline is actually the result of financial institutions writing off billions of dollars in credit card debt as losses.

While consumers have done their part by shying away from exceeding new credit limits and turning increasingly to debit cards, the question is to what extent are consumers voluntarily reducing their balances, and to what extent are banks making the decision for them.

The answer has wide implications for the broader economy as banks try to determine whom to extend credit to - and how much - and as businesses try to adapt to the changes in consumers’ spending patterns.

‘There is a lot of debate going on right now among economists,

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If you want to know about God, you might want to talk to an atheist.

Heresy? Perhaps. But a survey that measured Americans’ knowledge of religion found that atheists and agnostics knew more, on average, than followers of most major faiths. In fact, the gaps in knowledge among some of the faithful may give new meaning to the term ‘blind faith.’

A majority of Protestants, for instance, couldn’t identify Martin Luther as the driving force behind the Protestant Reformation, according to the survey, released Tuesday by the Pew Forum on Religion & Public Life. Four in 10 Catholics misunderstood the meaning of their church’s central ritual, incorrectly saying that the bread and wine used in Holy Communion are intended to merely symbolize the body and blood of Christ, not actually become them.

Atheists and agnostics — those who believe there is no God or who aren’t sure — were more likely to answer the survey’s questions correctly. Jews and Mormons ranked just below them in the survey’s measurement of religious knowledge — so close as to be statistically tied.

So why would an atheist know more about religion than a Christian?

American atheists and agnostics tend to be people who grew up in a […]

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My daughter Chiara, age five, is a member. So is my goddaughter Emily, age twenty-two. So are the thousands of Pakistani children now suffering after record monsoon rains left 20 percent of their country — an area the size of Great Britain — underwater.

In fact, every child on earth born after June 23, 1988 belongs to what I call Generation Hot. This generation includes some two billion young people, all of whom have grown up under global warming and are fated to spend the rest of their lives confronting its mounting impacts.

For Generation Hot, the brutal summer of 2010 is not an anomaly; it’s the new normal.

One wouldn’t know it from most media coverage, but the world’s leading climate scientists have concluded that last summer’s rash of extreme weather — including record heat across much of Europe (especially Russia) and the United States — was driven in no small part by man-made global warming. Of course no single event can ever be definitively attributed to global warming; weather results from many factors. But according to the U.N.’s World Meteorological Organization, the extraordinary heat, rains, drought and flooding that occurred this summer fit the U.N. Intergovernmental Panel on Climate Change’s projections […]

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92 percent prefer Swedish model to US model when given a choice

Americans generally underestimate the degree of income inequality in the United States, and if given a choice, would distribute wealth in a similar way to the social democracies of Scandinavia, a new study finds.

For decades, polls have shown that a plurality of Americans — around 40 percent — consider themselves conservative, while only around 20 percent self-identify as liberals. But a new study from two noted economists casts doubt on what values lie beneath those political labels.

According to research (PDF) carried out by Michael I. Norton of Harvard Business School and Dan Ariely of Duke University, and flagged by Paul Kedrosky at the Infectious Greed blog, 92 percent of Americans would choose to live in a society with far less income disparity than the US, choosing Sweden’s model over that of the US.

What’s more, the study’s authors say that this applies to people of all income levels and all political leanings: The poor and the rich, Democrats and Republicans are all equally likely to choose the Swedish model.

But the study also found that respondents preferred Sweden’s model over a model of perfect income equality for everyone, ‘suggesting that Americans […]

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New FEC filings show that American Crossroads, the Karl Rove-backed group that is pouring money into attack ads targeting Democrats around the country, continues to be funded virtually entirely by billionaires.

In August, American Crossroads raised $2,639,052. Fully $2.4 million of that — or 91 percent — came in the form of gifts from just three billionaires.

We’ve previously reported that the group is getting a staggering amount of support from billionaires, several of whom made their fortune in the energy industry and live in Texas. Last month Trevor Rees-Jones, president of Dallas-based Chief Oil and Gas, contributed another $1 million to American Crossroads, on top of the $1 million he gave earlier this year. Fellow billionaire Robert Rowling, CEO of the company TRT Holdings, also gave Crossroads his second $1 million donation in August.

The only new name on the list is American Financial Group, a Cincinnati-based firm owned by nonagenerian Carl Linder. Forbes put Linder’s net worth at $1.7 billion this year, a fortune built up through the growth of United Dairy Farmers. He previously owned Chiquita and currently owns a stake in the Cincinnati Reds. American Financial Group gave American Crossroads $400,000 last month.

Another new billionaire to […]

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